Bangladesh PP Market Not In Prime Condition, Influenced By Holiday Mood And Price Mismatch
- Import PP Homo Raffia offers from the Middle East surfaced in Bangladesh
- Buyers are not in the mood to conduct deals as Eid Al-Adha is getting closer
- Outlook will be affected by domestic demand and international market sentiment
Bangladesh PP market is not in the prime condition to conduct deals due to limited business day as well as the buyers are not in a favourable mood towards available offers. A global trading house disclosed to SSESSMENTS.COM that the company is only offering import PP Homo Raffia of Kuwait origin this week, available at $970-980/ton on LC at sight, CFR Chittagong Port. Yet, buyers’ placed bids at $20/lower than the initial level, citing that offers above are too high and unacceptable. To date, no deals concluded yet. Meanwhile, market talks have it that some buyers already secured import PP Homo Raffia cargoes of Middle East origin at $960/ton with the same payment and delivery terms.
Bangladeshi market players remain unresponsive towards PP offers as the flood aggravates the overall demand in the country. The source opined to SSESSMENTS.COM that the transactions in Bangladesh PP market would be limited this week. Besides, Bangladeshi market players are already in holiday mood ahead of the Eid Al-Adha celebration. The business will be closed from Thursday, July 30, until the middle of next week. No supply issue was reported by market players this week.
Since the demand for PP resins in Bangladesh is not on the positive note, players expecting to see downward price adjustments in the near term. Added to that, the downtrend in China’s PP market is expected to give an impact on the Bangladesh market, SSESSMENTS.COM was told.
