Limited Movements Recorded In Bangladesh PE Market Approaching Eid Al-Adha Holiday
- Fresh PE offers and deals were scarce
- PE demand sags due to the holiday mood and flood across the country
- PE prices in Bangladesh will move lower following the trend expected to occur in China
In the week commencing July 27, market players informed SSESSMENTS.COM that movements recorded in the Bangladesh PE market were limited approaching Eid Al-Adha Holiday. Fresh offers and deals were scarce. Import LLDPE Film C4 offers from the leading Indian petrochemical producer were stable on a biweekly comparison, stood at $960/ton. However, buyers considered the offers as too high since another Indian producer offered the same product to Bangladesh at a lower level, at $925/ton. Moreover, market talks have it that LLDPE Film C4 cargoes from the United Arab Emirates were available at $910/ton. All on LC at sight, CFR Chittagong Port. Market players mentioned that the leading Indian petrochemical producer offered at such a high level because the producer is focusing on clearing backlogs. A Dubai-based trader opted to skip offering to the Bangladesh market this week due to a shorter week. Market players in the United Arab Emirates have started to leave their desk since Wednesday, July 29 for Eid Al-Adha Holiday.
Market players told SSESSMENTS.COM that demand for PE in Bangladesh sags further this week because buyers are already in a holiday mood since the beginning of the week. The market has been slow since the flood hit the country. Extremely heavy rain has caused severe floods in nearly one-third of Bangladesh. However, a Dubai-based trader claimed that the company still received inquiries from Bangladeshi buyers this week. No supply issues were reported.
Pertaining to the outlook, the players voiced pessimism to SSESSMENTS.COM as the market conditions are likely to worsen as more rainfall and flooding is expected to occur in the upcoming days. For prices, the players foresee that PE prices in Bangladesh will move lower following the trend expected to occur in China.
