26 September 2013 12:44 [Source: ICIS news]
SHANGHAI (ICIS)--Demand of polypropylene (PP) in Pakistan is likely to weaken significantly after the Muslim festival of Eid-ul-Adha in mid-October amid declining downstream sales and bearish buying sentiment, Karachi-based traders said on Thursday.
“We expect demand to taper off [after Eid-ul-Adha]. Nobody is going to buy. Downstream demand in Karachi is also weakening,” a Karachi based PP trader said.
Another trader said end-users are holding on to cargoes purchased before the Muslim festival of Eid-ul-Fitr in early August, and consequently see no immediate urgency to buy new volumes.
PP raffia/injection prices were assessed at $1,480-1,515/tonne (€2,000-2,047/tonne) CFR (cost & freight) Pakistan for the week ended 20 September.
($1 = €0.74)
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