Egypt’s import PP, PE markets turn stable to firm despite thin demand
An agent of a different Saudi producer applied increases of $40/ton both on PP and PE offers. The producer offers PP raffia and injection at $1170/ton, PP block copolymer at $1200/ton and LLDPE film at $1200/ton, all on CIF Alexandria, 90 days basis.
The source noted that these increases were expected given the firming upstream markets and the globally upward momentum in PP and PE markets despite the weak market conditions in Egypt. However, he added that the market remains silent for now because of the Eid holidays.
A Middle Eastern producer, meanwhile, approached the market with rollovers for its PE offers at $1240-1260/ton for LDPE, $1180-1200/ton for LLDPE and $1160-1180/ton for HDPE film, all on CIF Alexandria, 90 days basis.
A source from the producer commented that supplies are comfortable whereas demand remains thin. “Players are away from the market due to the approaching Eid holiday. However, we expect demand to improve somewhat after the holiday,” he said.
Egyptian buyers, on the other hand, argue that the market is not strong enough to digest any hikes due to the recession in place. They widely continue to expect discounts on deals.
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