Import PP Offers To Bangladesh Broken New Threshold Level As Market Awakens From Eid Holiday
- Import PP offers broken a new threshold level
- Overall demand is not strong yet
- Players shared positive near-term outlook
Import PP offers to Bangladesh broken a new threshold level as the market awakens from the Eid Al-Fitr holiday. A global trading house told SSESSMENTS.COM that there are no offers below $900/ton-threshold to Bangladesh this week. Import PP Homo Raffia offers from India and Saudi Arabia are available between $900-920/ton. According to the trader, there was an increase of $60/ton compared to price before Eid Al-Fitr holiday. All offers are on LC at sight, CFR Chittagong Port.
Speaking about demand, traders commented that overall demand is not strong yet as most of the customers are still evaluating the market situation. On the production front, most factories in the country have resumed operation with limited working hours as the government has lifted lockdown as of May 31. However, there is no update regarding the factories’ production rate so far. No supply bottleneck reported to SSESSMENTS.COM this week.
In terms of outlook, trader opined that import PP prices for June will remain firm as supported by the firmer monomer prices; and at the same time there will be more countries opening up for business; so demand should also start improving. Short term outlook is quite positive, SSESSMENTS.COM noted, as trader quoted that inquiries and orders should start flowing in next week.
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