Weekly Bitumen Report: The Parallelism of Crude Oil and Bitumen Price

Within the last week, the start of negotiations between Ukraine and Russia about the war modified crude oil price somehow and till the time of preparing this report, the level of crude oil was 106 US dollars. However, the outbreak of a new variant of COVID in China and new lockdowns in some of its cities, more pressure on the fall of crude oil prices can be seen.

On 15 March 2022, bitumen price of Indian refineries increased around 17 US dollars. Besides, the current issues among the importers, shipping lines and Indian customs seem to be almost sorted out. These two factors can be the reason of a flourishing market in coming days.

On 16 March 2022, the bulk bitumen price of Singapore was almost around 521 US dollars.

The civil projects in Philippine have slowed down by approaching the presidential election but the markets in Sri Lanka, Bangladesh, Thailand, Malaysia, Vietnam, and Yangon are growing.

In African sector, the road construction projects are being developed with an appropriate pace.  

By approaching the New Year holidays in Iran, unlike the previous years, the works were being performed more slowly as a result of surge of prices. However, it seems that Iran will increase bitumen price around 50 – 60 US dollars by the beginning of the New Year on 21^st March 2022.

On the other hand, the JCPOA negotiations, that were about to be stopped several times, are reaching a clearer conclusion and the possibility of fall of US dollar against Iran rial has raised.

Like the last 2 weeks, Infinity Galaxy strongly suggests the buyers to follow the “Spot Purchase” strategy and it cannot be an appropriate time for investment due to sudden changes of crude oil prices.

Finally, Infinity Galaxy team wishes a happy New Year to all the Persian-speaking countries and a year full of prosperity, success, health to everyone in the world.

This article was written by Razieh Gilani, the sales manager of Infinity Galaxy (www.infinitygalaxy.org).

[button title=”Bitumen Price List Today” link=”https://infinitygalaxy.org/bitumen-price-today/” target=”” align=”center” icon=”” icon_position=”” color=”” font_color=”” size=”2″ full_width=”” class=”” download=”” rel=””]
[button title=”Click for Bitumen Price in India” link=”https://infinitygalaxy.org/bitumen-price-in-india/” target=”” align=”center” icon=”” icon_position=”” color=”” font_color=”” size=”2″ full_width=”” class=”” download=”” rel=””]