Limited Activities In Bangladesh PE Market Ahead Of Holiday
- LDPE Film and LLDPE Film C4 were sold this week
- Minimal activity in the market after the bank stopped issuing Letter of Credit
- Clearer outlook after the Eid Al-Fitr holiday
The Bangladesh PE market showed limited activities ahead of the Eid Al-Fitr holiday according to reports collected by SSESSMENTS.COM. A global trading house reported some deals concluded for import Middle Eastern PE cargoes. For LDPE Film, deals were achieved at $810-820/ton while for LLDPE Film C4 at $750-755/ton. All offers on LC at sight, CFR Chittagong Port.
Market sources commented that there is a risk to do deals in Bangladesh this week because the local banks have a problem with opening the LC as the banks have limited funds ahead of Eid Al-Fitr. Bangladesh will be starting their Eid Al-Fitr holiday from Thursday, May 21, prompting null demand in the market. Despite buyers are also aware that PE prices are moving up rapidly, they are not in a hurry to make fresh procurement. There are no reports of supply difficulties reported to SSESSMENTS.COM until the time of publication.
Looking ahead, market sources expressed that the outlook for the PE market remains cloudy for the time being while some stated to SSESSMENTS.COM the upward momentum will be short-lived. A clearer market movement is only expected to take place after the Eid Al-Fitr holiday.
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