Weekly Bitumen Report: New Changes in the Middle East and China’s Economic Policy, Forecast of Price Increase

Within the last week, Syria’s regime was toppled by the rebels and the situation in the Middle East got more complicated. At the same time, Israel’s severe attacks on the borders of Syria commenced. Some analysts believe that the fall of Syria is a part of the deal between America and Russia on Ukraine’s war which will occur shortly and before the entry of Donald Trump to the White House.

Simultaneously with the countdown to Trump’s entry into the White House, the Middle East crises get more intensified and it is not clear if these wars are over within such a short time.

On the other hand, Israel’s attack on Lebanon and Gaza continues with less severity. Russia uses new weapons in its attacks on Ukraine.

America’s unemployment rate was announced by 3.9% in November, which shows an increase compared to the last month. This can be a significant economic challenge at the time of Trump’s entry into the White House.

According to a Reuters report from Singapore, following Beijing’s announcement to loosen its monetary policy to stimulate economic growth and the subsequent expectations of market participants for an increase in China’s crude oil demand, oil prices, which had remained stable in the range of $70 to $73 over the past week, rose in trading on Wednesday.

In this regard, the market strategist of the IJ Institute states that crude oil prices could recently find their real position as the signals of China’s looser monetary policy have once again strengthened hopes for stronger economic stimulus measures in 2025.

On December 12, crude oil prices reached $73.78. Singapore’s 180CST closed at $430. Bitumen prices in Singapore and South Korea were reported at $425 and $415, respectively.

In Bahrain, its bitumen price is still fixed at the level of $395. The range of bitumen prices in Europe is observed at the level of $405-430.

The price of bitumen in India will continue its upward trend from the past two months and will increase again in mid-December.

Considering the issues of supply and shortage of vacuum bottom in Iran, the bitumen prices in Iran keep increasing despite the surge of Iran’s rial value against the US dollar.

The average competition of around %50 for vacuum bottom purchase was recorded by the refineries. It seems that this situation will continue for Iran this winter. At the same time, air pollution in Tehran and some major cities has led to the closure of companies and interruptions in the export process as well.

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.