Weekly Bitumen Report: Fall of Bitumen Prices in Europe, Rise in India, and Iran

On Tuesday, the foreign minister of the U.S who travelled to Saudi Arabia with a diplomatic delegation to lead the negotiations with Ukraine, stated that Ukraine government accepted the proposal of immediate 30-day ceasefire and now, “the ball is in Russia’s court”.

In the meantime, America’s tariff war against Canada made the Prime Minister of Ontario to withdraw the 25% tariff of electricity export to the U.S and the trade war in two sides of the Atlantic Ocean got intensified. America imposed tax tariffs against the import of steel and aluminum from Europe, and the European Union took reciprocal action.

The European Union declared that they would apply reciprocal tariffs with a value of 28.3 billion dollars (26 billion euro) against imported goods of America in response to the U.S. tariffs on the import of steel and aluminum.

The situation in the Middle East remains in a state of suspension, and many prisoners from both sides have still not been released.

On March 11, in its latest report of short-term outlook, the U.S Energy Information Administration (EIA) announced that America’s production of crude oil and natural gas will reach its highest level because of a jump in demand and lowering oil prices in 2025.

At the same time, the CEO of Vitol stated: Concerns about China’s demand and the growth of China’s GDP threaten global oil prices, which will fluctuate in the range of $60 to $80.

According to Reuters, oil price increased on Wednesday due to US dollar devaluation. However, worries about economic recession in America and tariff impacts on the global economic growth caused a fall in oil price growth.

The research institute of ANZ believes that despite weakening in economic outlook, oil price will remain stable in its current status, indicating that short-term demand for crude oil remains strong.

However, oil market investors are awaiting the inflation report in the United States to gain insights into the direction of interest rates. They are also closely monitoring OPEC’s plans to analyze the next trend in oil prices.

On Thursday, Brent crude oil closed at $70.39. Singapore’s 180CST reached $460.

Bitumen prices in Singapore and South Korea were traded at $449 and $415, respectively.

In Bahrain, bitumen prices are still fixed at $420.

The range of bitumen prices was $410-440, facing some drops.

It seems that India will face a rise of $10 in mid. March and the market situation will change in favor of the importers.

The price of bitumen in Iran has increased as a result of more than %25 competition for the purchase of vacuum bottom as the New Year holidays approach. Meanwhile, logistical issues have intensified with the proximity of the holidays, and the rising prices have put additional pressure on bitumen exports.

It seems that the current trend will continue until the end of the holidays and into the third week of March.

Infinity Galaxy would like to wish all market participants a happy Persian New Year in advance, hoping for a year filled with health and prosperity for everyone.

To check the latest bitumen prices in different destinations, you can visit our website: https://infinitygalaxy.org/bitumen-price-today/.

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