Sources: Coronavirus Impact Still Looms Over Pakistan PE Market
- Prime Minister Imran Khan dropped hints on lifting Coronavirus lockdown
- No signs of demand improvement despite rally in crude oil prices, lockdown relaxation
- Outlook remains pessimistic
SSESSMENTS.COM’s pricing database showed that Coronavirus impact is still looming over the Pakistan PE market over the week. Amid a month-long nationwide lockdown, a Saudi producer announced May shipment offers to the Pakistan market. As compared to the March shipment price list, the producer made a decision to lower their offers for HDPE grades between $60-130/ton, while offers for LDPE Film dropped by $130/ton. All offers are for purchases above 99 tons, and valid until May 9, 2020.
Pakistan PE market has not shown any signs of recovery even though the country has loosened restrictions on a range of industries across the country since early April. On May 4, Pakistani Prime Minister, Imran Khan said that the government will take a gradual approach to lift restrictions after May 9 in a bid to stem the economic fallout of a continuing lockdown, asserting that the country is unable to afford an indefinite closure. Further added, a rebound in crude oil prices failed to boost buying sentiment as the market remained concerned for demand slowdown amid pandemic crisis. So far, no significant supply issues reported to SSESSMENTS.COM.
Market participants in Pakistan voiced out that a further lockdown extension might be on the cards as daily cases hit new highs. Some sources expressed that the pace of demand recovery will depend on the country’s economic revival.
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