Pakistan PP Market Treads Water Ahead Of Eid Al-Fitr Holiday
- New import PP offers reported scarce
- Overall PP market is sluggish over the week
- PP market is hard to predict, players are unsure of the outlook
Despite the stimulus given by the government, the Pakistan PP market is treading water ahead of Eid Al-Fitr holiday. On the week commencing May 18, SSESSMENTS.COM noted that no new PP offers captured in Pakistan after the United Arab Emirates producer adjusted down the offers across all PP grades for May shipment in the previous week. While from a global trading house side, deals for Middle Eastern PP Homo Raffia cargoes concluded at $830/ton on LC at sight, CFR Karachi Port.
PP demand in Pakistan is expected to improve after the restriction relaxed as the government has allowed industries and manufacturers to restart production since May 9. Last week, buyers started to purchase PP cargoes after not buying materials for almost two months. However, this week, the overall PP market in Pakistan is back to the bearish territory again as most market players are already on a holiday mood. On the supply side, no issue reported to SSESSMENTS.COM this week.
Looking ahead, market players voiced out to SSESSMENTS.COM that the Pakistan PP market is hard to predict, hence, remain unsure of the outlook. Most players prefer to adopt a wait-and-see stance before making any decision. Additionally, as Eid Al-Fitr holiday in Pakistan will start from May 23 to May 27, PP market will be muted in the upcoming week.
Click below to view related stories and content on Pakistan PP:
NewsSSESSMENTS: Saudi PE, PP Offers to Pakistan Shifted In Contrast With Market Expectations
AlwaysFree: Pakistan's Fiscal Deficit To Surge To 9 Percent: Finance Minister
