PP Market Players In Bangladesh Remain On Guard As Coronavirus Cases Continue To Soar
- Import PP offers of several origins captured moving in the same trend
- Bangladesh market still highly affected by the Coronavirus pandemic
- Players will remain cautious following the increases in COVID-19 cases
SSESSMENTS.COM was informed that PP market players in Bangladesh remain on guard as Coronavirus cases in the country continue to soar. For the week commencing June 15, import offers for PP Homo Raffia of Vietnam origin to Bangladesh recorded at $1,020/ton, $20/ton higher compared to a week earlier. Likewise, the offers for import PP Homo Raffia cargoes from the leading Indian petrochemical producer also increased by $20/ton from last week. While for import PP Homo Film cargoes of India origin, the offers recorded at $930-940/ton. Until the time of publication, sources stated that there is no deal concluded yet. All offers on LC at sight, CFR Chittagong Port.
According to market sources report to SSESSMENTS.COM, PP demand in Bangladesh remains sluggish as the market is still highly affected by the Coronavirus pandemic. To support economic activity, the government divided the areas into three zones (green, yellow, and red) based on how severe the virus transmission in each area. However, most converters are not ready to run the production at a high rate as the demand for finished products remains sag. Moreover, buyers are very cautious as the number of confirmed coronavirus cases in Bangladesh continues to increase. On June 16, the government recorded the biggest single-day surge of 3,862 confirmed cases with a total number of 94,481. Further explained, the number of confirmed coronavirus cases in Bangladesh continues to rise since the country’s lockdown was lifted on May 31. On the supply side, there are no issues reported in the country.
For the outlook, market sources opined to SSESSMENTS.COM that import PP offers will most likely remain firm following the international price trend. However, players will remain cautious as the number of coronavirus cases continues to increase. Following the increases, sources told that the Bangladesh government will re-impose lockdown that will be enforced in phases on the area labelled as the red zone to curb the spreading of the lethal virus.
