Recycled Oil Market from April 2020 Till April 2021 At A Glance

April is coming and many importers expect prices to fall while there is no sign of declining. Looking through the recycled Oil market from April 2020 to April 2021, we found out that this is the first year in recycled Oil export history that the price has doubled in less than a year.

In April and May 2020, demand fell due to falling oil prices and the corona lockdowns. Many companies cancelled orders, especially from the Indian market, and the recycled Oil market did not have good days.

From late May to early June, the recycled Oil market reactivated at prices nearby $375. The price began to rise rapidly. At that time, it fluctuated between $ 415 and $ 470 for almost a month.

In July and August 2020, the demand for recycled oil increased sharply in the market and the price of this product reached about $500 at the time. As concerns about the second wave of the corona extended, oil prices increased. The U.S. Presidential election and the start of the Pfizer vaccination program pushed it higher, and the price of recycled oil naturally soared to over $ 550.

At the same time, burnt oil, the raw material of recycled oil, reduced significantly and USD decreased compared to Rial. Therefore, recycled oil price soared above $600 and continued until the end of February 2021.

In February and March, Brent Oil price reached 60$, and the price of recycled oil touched over $700.

Currently, in April 2021, oil demand is noticeable in the market. In addition to demand, decreased recycled oil inventories and the positive economic conditions of countries due to the vaccination programs have spread positive sentiment through the market. The export cost of recycled has also risen after doubling the FlexiTanks shipping costs and the increase in Indian customs duties.

Regardless of the falling oil price in recent days, other factors affecting the price remain strongly powerful. At the beginning of April, Infinity Galaxy expects an increase in market demand as Iranian refineries open after the Nowruz holidays.