Mid-Eastern producer hikes March PP, PE offers in Egypt

26-Feb-10

A major Middle Eastern producer has hiked March PP offers to Egypt by US$20-30/ton, so new PP raffia and injection offers stand at US$1340-1350/ton and PP film and fibre offers are at US$1370/ton on CIF Alexandria, 90 days deferred payment basis, as per Chemorbis. A trader, who gives these offers, is not confident if the producer will be able to sell at these new levels, since local supplies are comfortable and prices are at good levels. Locally held offers are between EGP8000-8200/ton (US$1323-1356/ton without VAT) while the local producer OPC’s offers are at EGP7435/ton on ex-Suez, cash not including VAT, $1353/ton. Meanwhile, a buyer reported receiving March PE offers from the same producer- LDPE film offers are at US$1550/ton and LLDPE film offers are at US$1420/ton on CIF Alexandria, 90 days deferred payment basis, representing a rollover from their February levels. Meanwhile, their HDPE film offers are at US$1420/ton with the same terms, indicating a rollover from their initial February offers but a US$20/ton increase compared to their most recent offer levels in February.