More import PP, PE offers emerge in Egypt
One of the Saudi Arabian producers, whose offers usually form the low end of the overall offer ranges and remain at a discount when compared with other regional producers’ prices, rolled over their July prices. The producer’s prices continue to form the low end of the PP and PE ranges.
A source offering on behalf of this producer noted, “Demand is showing some small signs of improvements since the dollar parity is increasing and buyers, feeling uncertain of the future market trend, have started to secure some cargoes.”
Meanwhile, another trader commented, “One of the Saudi Arabian producers rolled over their prices and their prices continue to remain a very competitive option with respect to other regional producers, who issued decreases for the month. We think demand is still slow and we see some declines in distribution market levels despite the increasing US dollar parity. Meanwhile, regarding the local HDPE producer SIDPEC, their rolled over levels see resistance from buyers. In line with the approaching Ramadan holiday, we expect demand to slow further.”
A different trader said that one of the Saudi Arabian producers’ HDPE film supplies are a bit tight even though they issued up to $80/ton drops from June. “Demand remains slow and difficulties when opening letters of credit at banks remain in place and continue to hinder trading activities. Given the current state of demand, we anticipate further decreases into August,” he added.
Another trader , whose Saudi supplier issued $50/ton decreases for homo PP and $90/ton decreases for LDPE film, said, “Although demand has retreated when compared to June, it is still not bad. It appears that suppliers are competing with each other this month as there are more competitive offers available to players. Plus, buyers are not rushing their purchases in anticipation of further price relief and continue to meet their urgent needs only.”
“We usually sell our cargoes early but so far, we are still holding our allocations,” said a different trader. According to him, supplies are ample and demand is slow.
Looking at the overall import PP and PE prices in Egypt, they stand at $1400-1550/ton for PP raffia and injection, at $1450-1600/ton for LDPE film, at $1400-1580/ton for LLDPE c4 film and at $1370-1580/ton for HDPE film on a CIF Alexandria, 90 days deferred payment basis.
The high end of the overall PP and PE ranges are formed by a major Saudi Arabian producer’s prices, which indicate $10/ton increases from June despite widespread expectations of rollovers to decreases for July. Buyers, resisting these high end levels, are expecting some downward adjustments from the producer.
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