Import PE offers on LC at sight, CFR Chittagong Port
Several Factors Obstructed Bangladesh’s PE Market To Rebound Shortly
- Bangladesh’s PE market unable to change direction shortly as several factors hinder
- Trading activities in Bangladesh PE market remains limited amid the lockdown
- Bangladeshi market players shared a cloudy outlook
Based on the data collected by SSESSMENTS.COM, Bangladesh’s PE market is having several obstructions to shift direction in the near term. Within the week commencing May 11, offers for import PE cargoes in Bangladesh market reportedly scarce. There were only two offers from a global trading house and all were for LLDPE Film C4. LLDPE Film C4 of Saudi and Taiwan origin stood at $800/ton and $840/ton respectively, all on LC at sight, CFR Chittagong Port. Offers remain scarce as buyers have no interest in the trading activities due to a lot of market uncertainties.
Demand for PE resins remains slow as buyers prefer to wait on the sidelines amid the unclear market direction. Although the lockdown in Bangladesh is expected to expire on May 16, customers will still refrain from procuring materials due to the Eid Al-Fitr holiday. Besides, the banks are only serving for a local transaction, while the Letter of Credit (LC) facility remains unavailable at the moment. On the supply front, no issues reported to SSESSMENTS.COM as demand remains dull.
Looking ahead, Bangladeshi market players shared a cloudy outlook for the PE market. Market activities in the country are expected to resume in early June after the Eid Al-Fitr holiday. However, players doubted that trading activities will be more active by that time if the Coronavirus issues persist, as stated to SSESSMENTS.COM.
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Tags: Bangladesh,English,ISC,PE,WeeklyPublished on May 14, 2020 12:31 PM (GMT+8)
Last Updated on May 14, 2020 12:31 PM (GMT+8)