As reported, import PP offers to Pakistan remain scarce amid worsening coronavirus pandemic in the country. A trader informed SSESSMENTS.COM that earlier this week, they only received import PP Block Copolymer offers from South Korea at $1,030/ton on LC at sight, CFR Karachi Port. The trader commented that buyers did not have an interest in this week's PP offer, which is considered too high.
Moreover, SSESSMENTS.COM noted that the whole plastic and chemical industries in Pakistan are waiting for clarity on the implementation of lockdown by the government. Per report by Anadolu on Monday (June 15), Pakistan identified 20 areas including Islamabad, Karachi, Lahore, Peshawar, and Quetta, as "hotspots" or having a possible increase in ratio/speed of coronavirus infection. These hotspots will undergo exhaustive testing, tracing and quarantining, while some economic sectors will be allowed to open in line with the "smart lockdown" policy. Prime Minister Imran Khan said a "smart lockdown" is the only possible option as the country is battling economy problem brought by pandemic while rejecting World Health Organization (WHO) direction for another two-week strict lockdown across the country.
Still, “smart lockdown” is a negative development after on May 9, Pakistan lifted its first mass-scale lockdown. Before reopening, Pakistan had recorded about 25,000 infections per the New York Times reported. Today (June 16), exact numbers show 148,921 confirmed cases on the national level. Pakistan misery was also exacerbated by economic conditions that collapsed due to the pandemic. As SSESSMENTS.COM noted, Pakistan's economy could contract by 0,2% in the next fiscal year following World Bank projection. According to the Pakistan Institute of Development Economics, up to 25% of the country's 74 million jobs could lose during the pandemic. Click here for more information about coronavirus impact on Pakistan’s polymer demand.
As trader monitors the situation, they shared to SSESSMENTS.COM that the state of Punjab has begun their own lockdown for two weeks starting from June 16. The trader pointed out that it will cause production issues at factories as there is no way the labourers are able to reach their workplaces.
