A global trading house revealed to SSESSMENTS.COM that import PP offers to Bangladesh have been rallying following the Eid al-Fitr holiday, with buyers in the country seeing price levels above $900/ton-mark. As compared to offer level available before the holiday, the trader initiated a price increase of $60/ton for Indian PP Homo Film, PP Homo Injection, and PP Homo Raffia cargoes. Similarly, import offers for Saudi PP Homo Raffia cargoes are available at $60/ton higher than the offer level before the holiday. “For PP Homopolymers resins, no import offers are available below $900/ton-level now. Import offers for PP Homo Injection and PP Homo Raffia cargoes are mostly ranging between $900-920/ton on LC at sight, CFR Chittagong Port,” the trader said.
This week, the trader is also offering PP Homo Fiber cargoes of US origin at $950/ton on LC at sight, CFR Chittagong Port with the deals concluded at the initial offer level. As the offer level is deemed competitive, the trader remains optimistic that the company would be able to sell out all allocation to the market. In terms of outlook, the trader foresees that there would be room for PP prices to move higher in the near term as supported by rising crude oil and monomer prices. Demand is projected to pick up this month since more countries move to lift lockdown measures previously put in place to combat the spread of the deadly virus, SSESSMENTS.COM was informed.
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