Bangladesh PP Market Remained Inert Ahead Of Eid Al-Fitr Holiday
- Offers for import PP cargoes only came from Saudi and Indian producers
- Customers not willing to buy near the end of lockdown and Ramadhan (fasting month)
- Outlook remains bleak
As told to SSESSMENTS.COM, Bangladesh PP market remained inert ahead of Eid Al-Fitr holiday. This week, the offers that appeared in the PP Bangladesh market did not gain a response from the customers. A global trading house informed that a Saudi producer offered PP Homo Raffia cargoes at $880/ton, up by $30-40/ton from last week’s offer. Offer for import PP Homo Raffia cargoes from Indian producers also surfaced with upward adjustments of between $10-30/ton, stood at $830-850/ton. All offers on LC at sight, CFR Chittagong Port. Meanwhile, another trader revealed on receiving inquiries from customers for US PP Homo Raffia cargoes at $850-880/ton on the same payment and delivery term, but no deals concluded until the time of publication of this article.
Demand-wise, traders understand that the tendency of low demand is caused by converters who do not want stock-up inventory as lockdowns remain in place until May 16 and the Eid Al-Fitr holiday is getting closer. On the supply front, SSESSMENTS.COM noted that there are no reports of supply constraints collected this week.
Market players contacted by SSESSMENTS.COM agreed that the outlook remained unclear, but it tends to be bleak. Although supported by the development of international prices that can stimulate the demand for the post-Eid Al-Fitr holiday, there is still room for import PP prices in Bangladesh market to decline between $20-30/ton in the foreseeable future.
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