July PP, PE deals reported lower in Egypt
This was mostly expected by market players as the major’s initial levels had been deemed quite high amidst players’ softening expectations.
Following the downward revision on the major’s offers, a trader concluded deals at $1210/ton for HDPE film and at $1160-1170/ton for PP raffia and inj., on CIF Egypt, 90 days basis.
In addition, Egyptian PP and PE players have continued to receive new July offers from other Middle Eastern sources with rollovers to decreases compared to the done deal levels in June in line with the current softening sentiment.
“Demand is improving after the end of holidays as market activities were stagnant during Ramadan. Players have started to secure cargoes as they fear seeing further increases in the local market given the recent increases in the VAT rates and fuel prices. In the local market, supplies are not ample especially for HDPE film, which is severely short amidst SIDPEC’s maintenance. Overall, the market outlook is not clear and the weakening dollar parity is confusing players. Moreover, sellers in the import and local markets are following different pricing policies, hence the gap between low and high ends of price ranges has widened," commented another trader.
In Egypt, the overall PP and PE ranges for July shipments are now reported at $1140-1220/ton for PPBC inj., at 1070-1170/ton for PP raffia and inj., at 1190-1200/ton for film and fibre, at $1240-1310/ton for LDPE film, at $1190-1280/ton for LLDPE film, at $1150-1210/ton for HDPE film, at $1160-1240/ton for HDPE b/m and at $1250-1260/ton for HDPE inj., all on CIF Egypt, 90 days basis.
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