Weekly Bitumen Report: Bitumen Prices on the Rise in Iran

On the 1000^th day of the Russia-Ukraine war, Russia targeted more than 100 regions of Ukraine with ballistic missiles.

At the same time, Joe Biden and the U.K. authorized Ukraine to use long-range missiles to attack Russia. It is still unclear how Trump can end this war before entering the White House on January 10.

In the Middle East, Israel’s attacks on the targets of Hezbollah go on and Gaza is under constant bombardment. It is heard that Israel requests to attack Hezbollah targets even in case of ceasefire. Peace in the Middle East was Donald Trump’s second important promise.

On the other hand, China is worried that Trump will disrupt its economic development plans. In his meeting with Joe Biden, Xi Jinping expressed his concerns about the economic confrontation between the two countries.

Simultaneously, the continuous record of Bitcoin has reached the border of 93 thousand dollars. Bitcoin prices started their upward movement along with Donald Trump’s election promises and followed the same movement more sharply with his victory.

During the past week, crude oil prices increased and reached around $73 because of U.S. permission to Ukraine to use long-range missiles to attack Russia.

In a note by the analysts of INJ institute, they state that the production cut in one of the Norwegian oil fields with a capacity of 775K barrels and the U.S. permission to Ukraine to attack Russia led to the surge in crude oil prices, but the capitalists are cautious and evaluate the course of the military conflict between Russia and Ukraine.

On Thursday, November 21, crude oil prices reached $73. In the meantime, Singapore’s 180CST closed at $453. Bitumen prices in Singapore and South Korea remained unchanged at $450 and $425, respectively.

In Bahrain, the bitumen price is still fixed at $395. The range of bitumen prices in Europe fluctuated in the range of $425-460.

In mid-November, bitumen prices increased around $18 by the Indian refineries. Considering the fall in Indian Rupees against the US dollar, another rise in the bitumen price in India is expected.

In Iran, the rally of the uptrend of bitumen prices still continues. The shortage of vacuum bottom hits new records among the producers and the average competition of around 46% was recorded within the last week.

Like the previous weeks, there is no sign of a price fall in the Iran bitumen market and this trend will probably continue for the further months, too.

To check the latest bitumen prices at different destinations, check Infinity Galaxy website: https://infinitygalaxy.org/bitumen-price-today/.
This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.