Buying Sentiment Toward PE In Pakistan Turned Bearish As COVID-19 Pandemic Shows No Signs Of Abating
- There were not many fresh PE offers to Pakistan this week
- Demand for PE in Pakistan is sluggish
- Near-term outlook for PE market in Pakistan is unclear yet
Market players informed SSESSMENTS.COM that buying sentiment toward PE in Pakistan turned bearish as COVID-19 pandemic shows no signs of abating. In the week commencing June 22, import PE offers to the country as well as deals concluded were not many. July shipment offers from South Africa for LDPE Film and LLDPE Film C4 surfaced at $980/ton and between $860-880/ton, respectively on LC at sight, CFR Karachi Port. The offers are valid until June 26. Deals for LLDPE Film C4 of Middle East origin were concluded at $870/ton with the same payment and delivery terms.
Demand for PE in Pakistan is sluggish as buyers are being cautious in making procurement considering the situation in the country at the moment and what might happen in the near future. The Pakistani government preferred to impose a smart lockdown strategy to control the spread of the Coronavirus, dismissing the World Health Organization (WHO)’s recommendation to reimpose complete lockdown because the country’s economy is unable to afford the complete lockdown. The tally of the confirmed COVID-19 cases has reached 188,926 as of June 23, with the detection of 3,892 new cases from a day earlier. No supply issues were reported to SSESSMENTS.COM this week.
Market players told SSESSMENTS.COM that the outlook for PE in the near term in Pakistan is unclear yet. The players prefer to wait on the sidelines. As for the COVID-19 situation, medical professionals expect the virus to peak in July or August and infects up to 900,000 people in Pakistan.
