While Iran’s trading market is warming up again, market conditions appear to be changing after this break. During the last week, Infinity Galaxy observed a very smooth market of Recycled Base Oil because of the New Year holidays in Iran and lower supply levels.
On March 28, a growth of about 2-11% happened to all the oil products in the Middle East. Global oil price also increased due to the blockage of Suez Canal by Evergreen container vessel,
It seems that the unbalanced and volatile market situation is stabilizing. Based on the studies, an increase of about 20$/MT on Recycled Base Oil price is expected within the next few days. A wide range of demand shows that the market is so attractive for traders.
Based on some unofficial sources, the recycled oil production level is going to increase in India leading to the drop of Recycled Base Oil price in that market. Currently, due to high demands and container shortage of shipping lines, producers and suppliers are not expecting lower prices.
Iran’s New Year holiday is almost over and we can foresee numerous inquiries from Indian buyers in the upcoming weeks.