Already On Holiday Mood, Bangladeshi Players Unbothered About PP Market Movements
- Offers for import PP cargoes reported scarce
- Buyers have no interest in the market due to holiday mood
- Bangladeshi market players stated a bearish outlook for PP market
Based on the data collected by SSESSMENTS.COM, Bangladeshi players are unbothered about the PP market movements as already on a holiday mood. The Eid Al-Fitr holiday in Bangladesh starts on May 20, 2020. As such, on the week commencing May 18, Bangladesh PP market recorded a limited transaction. Buyers do not have any interest in the market and traders are not actively offering to the market. A global trading house stated that the latest deals concluded for PP Homo Raffia of Middle East origin was at $820/ton on LC at sight, CFR Chittagong Port.
Aside from buyers busy preparing for Eid Al-Fitr holiday, there is another factor that hinders buyers from procuring some materials. As banks have limited money, so there is a constraint to open Letter of Credit (LC) facilities. Therefore, not all customers can open LC in Bangladesh, SSESSMENTS.COM was told. On the supply front, there are no significant issues reported by Bangladeshi market players.
In the days to come, the outlook for Bangladesh PP market remains bearish. As the market needs some time to recover after the Eid Al-Fitr holiday, dynamic PP market in Bangladesh would not take place in the near time, as stated to SSESSMENTS.COM.
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