A global trading house reported to SSESSMENTS.COM that price adjustments on import PE and PP cargoes to Bangladesh were deemed unattractive due to the lockdown impact. In comparison to 10 days earlier, April shipment offers for PP Homo Film and PP Homo Raffia of Saudi origin decreased by $20/ton. Likewise, the offers for Indian PP Homo Raffia captured lower between $40-50/ton from last week. For Thai and Vietnamese PP Homo Raffia cargoes, the offers are available at $890/ton and $880/ton respectively on LC at sight, CFR Chittagong Port.
The trader stated that the offers for Southeast Asian cargoes were deemed more attractive compared to Saudi origin considering the shorter lead time. However, the market remains muted as customers unwilling to make procurements at the moment. For US LLDPE Film C4, SSESSMENTS.COM was told that the offers dipped by $30/ton compared to last week. Meanwhile, Qatar LLDPE Film C4 offers available at $860/ton on LC at sight, CFR Chittagong Port were deemed unworkable.
As explained to SSESSMENTS.COM, the lockdown is causing several issues. First, the delivery process will be slow as some roads are closed. Moreover, the processes at the ports and customs will be slower as well due to the lack of manpower. Other than that, it will take a longer time for banks to issue a letter of credit (LC) as the bank’s working hour is cut to 4-5 hours per day only. Hence, the current situation is unsupportive to do business.
