Weekly Bitumen Report:  Bitumen Price is Struggling to Rise

The United Nations Security Council passed a resolution on Wednesday, demanding the Houthi to immediately stop their attacks on commercial ships in the Red Sea and release Galaxy Leader and its crew who were kidnapped on November 19 by Houthi.

Houthi stated that the attacks would be going on its attacks to the Red Sea as long as Israel did not allow them to freely send humanitarian aid to Qaza.

In the meantime, Reuters reported that Iran stopped its crude oil export to China to sell it at higher prices. This is while the Energy Information Administration of the USA predicted that although the growth of the world economy reduced, crude oil production in America will reach its highest level in 2024. In the meantime, OPEC reduced its production to increase crude oil prices.

At the same time, on January 9, crude oil prices fell 3% due to Saudi Arabia’s discount given to its Asian customers.

On Thursday, crude oil reached around 78 USD, and Singapore’s HSFO CST180 and its bitumen closed at 437 and 430 USD, respectively.

Bitumen price in South Korea increased 5 dollars to settle at 380 USD, and Bahrain’s bitumen price remained fixed at 400 USD for the third consecutive month.

European regions recorded a fluctuation of 370-470 USD.

Indian refineries reduced bitumen prices by around 20 USD on 1 January, but there is no clear orientation for the second half of January, but there will be most probably a fall or stability of the prices.

In Iran, bitumen prices faced some upward changes after the surge of approximately 16 USD in the VB base price and it seems that the Iranian refineries are attempting to gradually maintain this rise in the prices.

It seems that bitumen, like crude oil, is struggling to find its straight path and this can be obtained by the implementation of basic changes in the fundamentals.

Infinity Galaxy team is ready to eagerly support valued customers with their orders safely. This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.