05 July 2011 16:08 [Source: ICIS news]
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A linear low density polyethylene (LLDPE) producer lowered its offers by Egyptian pound (£E) 550/tonne ($92/tonne) to £E9,350/tonne EXW (ex-works), including 10% tax.
Meanwhile, a homopolymer polypropylene (PP) manufacturer reduced its offers by £E870/tonne, leaving prices at £E10,380/tonne EXW, excluding 10% tax.
It is too early to assess the impact of the lowered prices on consumer demand, said both producers.
Referring to demand during the previous month, a producer said: “Demand has not been good so far.”
The producers reduced their June offers early last month in the hope of kick-starting buying activity, while buyers continued to hold back in the hope of further price decreases.
The peak summer season of June/July has traditionally seen high demand in Egypt because of increased activity in downstream industries ahead of Ramadan, the Muslim fasting season.
($1 = €0.69) ($1 = £E5.9)
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