Weekly Bitumen Report: Continuation of Slight Surge in Bitumen Price

Following the visit of America’s foreign minister from the Middle East and negotiations for the ceasefire in Qaza Strip, crude oil prices remained unchanged on February 6. However, on Wednesday, crude oil increased up to the range of 79 USD as a result of Israel’s disagreement with the proposal of peace between the 2 parties.

At the same time, tensions in the Middle East remained at a high level by the attacks of America to some of the targets of Syria and Iraq.

In the meantime, Priyanka Sachdeva, the senior market analyst of Philip Nova, stated that there is no sign of tension relief in the Middle East crisis, and hence, the unpleasant rise or crude oil prices continues.

There have not been any significant trades in the east of the world by the start of the Lunar Year holidays in China.

In west of the globe, as a result of partial economic improvement in America, crude oil export from the USA increased to control the oil price, and the export of crude oil and refined products of Venezuela decreased up to 25% in January 2024, that was mainly because of electricity cuts in the oil export terminals of this country.

On Wednesday, 7 February, Singapore’s HSFO CST180 dropped 2 dollars and reached 439 USD. Singapore’s bulk bitumen price was unchanged at 430 USD. Bitumen price in South Korea increased 5 dollars and settled at 400 USD, which is a sign of high demand from China.

Bitumen prices in Bahrain stood at 360 USD for the second week, and Europe recorded the range of 400-430 USD.

After 5 frequent falls, bitumen price in India increased 9.5 dollars on February 1, and it is expected to experience another surge of 10 dollars in the mid. of February. These rises in prices show positive growth in this business after several months of recession.

During the last week in Iran, with the decrease in the price of the dollar from around 590,000 Rial to 550,000 Rial and a slight increase in the price of vacuum bottom, and with approximately 7.5% competition during the past week, the price of bitumen remained in its previous range. However, there is a possibility that prices may increase further.

The prediction of bitumen price increase with a slight slope is expected, like the previous weeks.

Infinity Galaxy team stays with you from the beginning to the end of your bitumen journey to experience the highest levels of the market standards.

This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.