A global trading house contacted by SSESSMENTS.COM informed that the buy idea for Saudi PP cargoes captured at a hundred lower than the initial offer levels. This week, the trader has been offering PP Homo Raffia cargoes of Saudi origin to the Bangladesh market at $20/ton lower than last week’s level. Apparently, the downward adjustment is not attractive enough to lure Bangladeshi buyers since their buy idea for the cargoes are between $80-100/ton lower than the initial offer levels. Whilst for the trader, such a level is deemed too low and not workable. Similarly, market talks have it that another global trading house is also offering the same materials at $780/ton-level or $20/ton lower than the trader’s offers, yet, it also gained a cold response from buyers.
Additionally, the trader’s bids at $720/ton-level for PP Homo Raffia from an Indian producer were shrugged off. “The producer rejected our bids as rumour has it that the producer has sold some cargoes to China at $740-750/ton-level,” the trader explained further to SSESSMENTS.COM.
This week, the overall situation in the Bangladesh market remains muted, SSESSMENTS.COM was told. Most buyers are not keen on making procurement amid the lockdown and Black Swan event named Coronavirus pandemic. Besides, some buyers also ask for very low prices since they think the global polymers market is suffering due to the pandemic, and the suppliers would not have any choice to divert cargoes.
