Weekly Bitumen Report: The 100th Simultaneous Report with Positive Market Signals to its Activists

In the 100th weekly report of Infinity Galaxy, we would like to thank our valued readers. 

As already predicted, by approaching September and the end of the monsoon, the market is expecting more growth. However, the unrest in the world is still going on.

In the 183 days of Russia’s war against Ukraine, the observers believe that Ukraine’s attitude has changed toward the war and is asking Russia to return to the borders before 2014. Still, there is no clear future to this war. 

At the same time, while the hopes to reach a conclusion in the eighth round of JCPOA between Iran and USA has increased, it seems that both parties have proposed their suggestions but till date, it is not still clear when there will be any final agreement. However, this trend of negotiations has significantly affected the USD value against Rial.

In recent days, the oil market was constantly hoping for the entrance of Iranian oil to the market, and the price of oil fluctuated until August 25. The price of Brent oil crossed the $100 mark again with the disappointment of getting an early result of the negotiations.

On the other hand, in the last three days, the price of HSFO CS180, HSFO CST380, Bitumen 60/70 Bulk Singapore and Bitumen 60/80 FOB South Korea has started to increase, so that Singapore bitumen has increased by 5 dollars and reached above 580 dollars.

In Iran, after the 2.9% increase in the price of the vacuum bottom on August 23, it seems that with the current trend of increasing the price of fuel, we have to wait for the price increase again in Iran.

The news received from India also indicates an increase between 25 and 40 dollars in the bitumen price of India on September 1st, and it seems that conditions in India will start working in a positive condition after two months of instability with the start of the harvest season.

In general, during the past week, the market has shown positive signals to its participants, and it is expected that if nothing new happens in the fundamentals of the market, a good export season can be started.

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