A global trading house informed SSESSMENTS.COM that company is considering to withdraw bids for Indian producer’s PP tender. Previously, the company has placed bids for May shipment tender from an Indian PP producer for 1,000 tons of PP Homo Raffia at $800/ton. But after hearing the China PP prices dropped, the company is considering to withdraw the bids. More added, the trader also received offers from another Indian PP producer at $840/ton for PP Homo Raffia, which is deemed quite high. Meanwhile, import offers for Saudi PP Homo Raffia cargoes via another global trading house are heard available at $900/ton, which is way above the price range. Compared to two weeks ago, such a level is $120/ton higher. For PE, the leading Indian petrochemical producer quoted prices at $750/ton for LLDPE Film C4 and $820/ton. All offers are on LC at sight, CFR Chittagong Port.
Regarding Bangladesh market, the majority of market players are currently on a wait-and-see stance and waiting for more May shipment offers to come out before making procurements. Considering the current ethylene and crude oil prices, the trader opined to SSESSMENTS.COM that it is not impossible to see import prices at $500-600/ton-level for PE in the near future, while PP offers would remain on a downward trajectory.
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