PE Market Muted Amid Worsening Coronavirus Situation In Bangladesh
- No fresh import PE offers received by Bangladeshi market players for this week
- Market sluggishness reported amid COVID-19 ravaging country’s health and economy
- Players expect import prices to stabilize or slightly drop in the near future
Bangladesh PE market is muted amid government efforts to wake the economy. A trader reported market sluggishness occurred in the Bangladesh PE market this week. Speaking to SSESSMENTS.COM, some converters also confirmed that their production not yet running after Eid Al-Fitr holiday. No fresh offers for import PP cargoes were reported by market players in Bangladesh this week.
Per a report by Anadolu, the government of Bangladesh on Tuesday, June 9, began to impose lockdown based on three zones - green, yellow, red - as assessed by how severe COVID-19 transmission was in each area. Previously, the lockdown is relaxed during Ramadhan (fasting month) and Eid Al-Fitr holiday as the government allowing stores and malls to open with limited operational hours. Precedents have established since the end of April with the government allowing the garment industry as the vital sector of the Bangladeshi economy to run under strict health regulations. Meanwhile, SSESSMENTS.COM noted that infection rates are rising over the past two weeks, with a total of COVID-19 cases reaching 74,865 cases on Wednesday, June 10. No supply issue was reported by market players this week.
Market sources in Bangladesh contacted by SSESSMENTS.COM expecting import PE prices to stabilize or slightly drop in the near term, considering the consistently sluggish demand for converters’ finished products.
