A Pakistani trader informed SSESSMENTS.COM that import Saudi PE, PP offers to Pakistan shifted in contrast with market expectations. On April 28, the trader received May and June shipment offers for PE, PP cargoes across different grades from a Saudi producer with an upward adjustment. For PE cargoes, offers for HDPE Film and LLDPE Film C4 raised by $50/ton and $30/ton, respectively. While for PP, the offers increased between $30-40/ton for PP Homo Injection and $30/ton for PP Homo Raffia. All compared to April shipment’s done deals. The trader notified that the upward adjustment was caused by the limited supply at the producer’s end. However, the trader predicts that the prices would be corrected down by the second week of May following the market expectations.
Whereas for US cargoes, deals for HDPE Blow Moulding concluded at $750/ton, or $50/ton lower than the initial offers. For off-grade materials, deals for US HDPE Film and LLDPE Film C4 closed at $625/ton and $630/ton, respectively. All offers are on LC at sight, CFR Karachi Port, SSESSMENTS.COM noted. At the moment, the overall buying sentiment in the Pakistan market is bearish. Most Pakistani buyers will likely make procurement activities after PE and PP prices touch $600-650/ton-level.
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