Egypt’s SIDPEC lowers operating rates
“Despite lowering our operating rates, we continue to deliver to the market without any problems as we hold sufficient stocks. We see good demand towards our cargoes as the higher US dollar against the depreciating Egyptian pound helps us to see improved demand as most buyers have left the import market and headed to the local market to meet their needs. Apart from that, Middle Eastern producers do not hold comfortable stocks for September while many of them have stopped their export trade in the face of the upcoming Eid Holiday.”
SIDPEC’s new September HDPE offers came with EGP1200/ton ($153/ton) decreases for film and blow moulding while they were EGP800-900/ton ($102-115/ton) down for HDPE injection. The producer offers HDPE film at EGP10900/ton ($1392/ton), HDPE blow moulding at EGP11000/ton ($1405/ton) and HDPE injection at EGP11200-11300/ton ($1430-1443/ton) on an ex-Alexandria, 60 days deferred payment basis.
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