Bitumen Weekly Report: Shadow of Demand on the Golden Days of Market

Infinity Galaxy expectations regarding the reasons behind a flourishing market in last week's report came true. A stormy and absolutely active market was observed during the week. Crude oil touched $83 on Monday as a result of OPEC+ decision to stick to its plan to increase its collective crude production quota by 400,000 b/d next month. It gradually started to drop and reached $79 at the time of preparing this report. Shortage of containers and unstable freights of the shipping lines are still a significant concern for suppliers as the shortage has led to cargoes traffic in the refineries. The production lines have been also affected. The various freights quoted by different carriers do not let suppliers have any clear estimation of the actual transportation costs. On 6 October 2021, the day between two official holidays in Iran, Jey refinery had a VB announcement in which supply was 8,000 MT and demand was 29,000 MT. In other words, demand was almost 4 times supply. A considerable demand for bitumen is being received from India. After the increase of bitumen prices in India about $23 on October 1, another hike of around $10 is probable in the second half of the month. Therefore, importers are willing and eager to book more quantities to sell it as a high-seas cargo. However, the significant growth of the market of Iran has made suppliers more cautious to sell their products as another vacuum bottom price surge in Iran will change the market trends considerably. The national currency of Rial is following an almost stable trend, and each dollar is approximately in the range of 270,000 -280,000 Rial. The possibility of its fall within the coming week can be more probable. Generally, as was mentioned last week, the current market can be considered the best time of investment as the monsoon ends. The high demand, sharp rally of crude oil to 90-100 US dollars, improvement of Corona situation in the world, draw out any sign of rate fall in the market of bitumen. In the end, we thank every single one of the respected readers who accompanied us during the last year. It is the 54th bitumen article, and Infinity Galaxy is honored to accompany you for one entire year. We hope the guidelines and insights be helpful to all the genuine clients who are in the pursuit of excellence.   [button title="Check out Bitumen Price Today" link="https://infinitygalaxy.org/wp/bitumen-price-today/" target="" align="center" icon="" icon_position="" color="" font_color="" size="2" full_width="" class="" download="" rel=""]