Weekly Bitumen Report: Recession in the Market

While Qaza war is still going on with its numerous human casualties, different markets experience unstable conditions as a result of daily changes in the region. According to Oilprice, crude oil recoded its third weekly drop within this week and caused more worries regarding the reduction of demand and its replacement with the fear of supply.

Although on Wednesday, October 14th, OPEC had announced that demand is still high and concerns about possible disruptions in the market increased due to surveillance of Russian oil sanctions by the US, however, the price increase did not continue on Tuesday and prices fell again on Wednesday.

On the other hand, China’s market of real estate has not fallen to its lowest level yet as real estate sales weakened compared to last month and commercial real estates obtained the worst results in the year. At the same time, Bloomberg announced that China’s nominal GDP is decreasing based on US dollar and the economy of this country turned into a nightmare for the foreign investors.

It has been reported that America and Europe are experiencing better situations and the inflation improved a little.

During the last week, crude oil price could not exceed 83 USD and at the same time, Singapore’s HSFO CST180 reached 458 USD with almost 10 USD increase.

Bitumen price in Singapore and South Korea remained stable at 505 and 405 USD, respectively.

Bahrain bitumen prices did not change and it was unchanged in the level of 400 USD.

Bitumen price in India fell 7 USD on 15 November and there is no clear outlook for improvement of the market in India in short-term.

There were significant falls in bitumen prices of Europe in the range of 390-450 USD.

In line with other producers Iran’s situation faced recession and it seems that market requires a new shock to change its current trend.

Infinity Galaxy team is pleased to accompany all the market players with safe businesses.

This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy (www.infinitygalaxy.org).