Market Players Notified Changes In Buyers’ Acceptance Level For Import PP Prices To Bangladesh
- Deals for Indian PP Homo Raffia cargoes concluded lower than the initial offer level
- Demand remains stagnant, yet buyers are more willing to accept high prices
- Import PP prices predicted to be stable to firm in the near term
Market players notified SSESSMENTS.COM regarding the changes in buyers’ acceptance level for import PP prices to the Bangladesh market. On a monthly comparison, the offers for import PP cargoes of India and Middle East origin to Bangladesh market generally increased between $80-100/ton. Following the increases, sources stated that this week, buyers started to accept current high prices with some deals for import Indian PP Homo Raffia cargoes concluded at $950/ton on LC at sight, CFR Chittagong Port for July shipment. Market sources added that import PP Homo Raffia of India origin at $970/ton-level is not workable in the Bangladesh market this week, citing such a level might be a price quotation while deals must be lower.
Pertaining to the market condition, market sources mentioned that there is no significant improvement recorded in terms of demand. As per July 7, the number of new confirmed coronavirus cases recorded at 3,027 with the total cases jumped to 169,000. However, SSESSMENTS.COM was informed that buyers are more willing to accept the current price level as most suppliers already announced July shipment price list and the offers are generally moving higher. On the supply front, there are no issues reported in the country.
Looking ahead, market sources opined to SSESSMENTS.COM that import PP offers to the country will most likely be stable to firm in the near term. Although the demand is predicted to remain stagnant, players are expecting to see more transactions in the market in the near future as buyers are more willing to accept high prices.
