Buyers Have Sufficient PP Cargoes For Ramadhan Preparation, Bangladesh Market Quiet
- Offers for import Chinese PP Homo Raffia decreased by $30/ton on a weekly comparison
- Buying sentiment eroded as most of the buyers have sufficient cargoes
- PP prices in Bangladesh are expected to decrease in the near term
Bangladeshi market participants informed SSESSMENTS.COM that the PP market in the country is quiet as most of the buyers have sufficient cargoes for Ramadhan (fasting month) preparation. On the week commencing February 3, a global trading house informed that offers for import PP Homo Raffia and PP Homo Injection of Saudi origin remain stable compared to last week. Some deals concluded at the same level to the initial offers at $1,030/ton on LC at sight, CFR Chittagong Port. While offers for Chinese PP Homo Raffia decreased by $30/ton on a weekly comparison. However, buyers are not interested in purchasing the cargoes as the shipment may be affected due to the Coronavirus outbreak. In contrast, February shipment’s offers for Indian PP Homo Film and PP Homo Injection cargoes increased by $10/ton, while PP Homo Injection of Middle East origin to the country moved up between $20-25/ton compared to the January shipment level. As for Thai cargoes, the polyolefins producer skipped offering for February shipment to Bangladesh.
Overall PP resins demand in Bangladesh is dull this week. PP market is quiet and buying sentiment eroded as most of the buyers have purchased January and February shipment’s cargoes for Ramadhan production. Moreover, a trader stated that the current political situation in Bangladesh has affected the national economy. On the supply front, no significant issue reported to SSESSMENTS.COM.
Looking ahead, Bangladeshi market players opined to SSESSMENTS.COM that buying sentiment in the country is affected by China polymers market; hence, PP prices are expected to decrease in the near term as China market is quiet while domestic demand remains weak.
Tags: Bangladesh,English,EN PP Bangladesh WSS,Indian Subcontinent (ISC),Polypropylene (PP),WeeklySSESSMENTS Bangladesh PP prices,PP pricesFebruary 5, 2020 12:51 PM