Weekly Bitumen Report: The Global Uptrend of Bitumen Price despite Oil Price Stability

One week after entering the White House, Trump surprised the whole world with his decisions. During this time, conflicts occurred between Trump and Colombian authorities over the refusal to allow two American planes carrying deported migrants to land, and he plans to implement a 25% import tariff against all Colombian goods.

As a result of Trump’s threats over Greenland, Denmark plans to boost the security of the largest island by spending $2.05 billion. His order to shut down U.S. foreign aid to international institutes will lead to the uncertain fate of around 35K ISIS members in Syria and Iraq and they may likely be scattered again in the region.

In the meantime, by observing issues like inflation, interest rates, and tariffs, it can be stated that 2025 will be a thrilling year in terms of the global economy. According to the projections of the International Monetary Fund (IMF), economic growth in 2025 will remain in the “stable but not significant” level of 3.2%. However, we must see what impact this situation will have on all our lives.

On January 24, Trump requested OPEC to reduce global oil prices to put more pressure on Russia with the purpose of ending the war with Ukraine. At the same time, the energy minister of Saudi Arabia had some discussions with some oil ministers who are members of OPEC following Trump’s request for a reduction in oil prices. However, this coalition has not given any clear answer to his request yet. 

According to Reuters, on Wednesday, January 29, oil prices remained stable in the range of $74 to $77 as investors assessed the potential impact of U.S. tariffs on imports from Canada and Mexico.

The Normua Securities Institute stated that if tariffs are imposed by the United States, the U.S. energy market is likely to face immediate disruptions. It announced that investors are trying to assess the impact of Trump’s tariff policy, while there is a possibility of reduced demand due to high costs and decreased energy consumption.

The institute also mentioned that Deep Seek artificial intelligence which led to fluctuations in the financial markets of the U.S. was a main factor of market adjustment.

On January 28, Singapore’s 180CST closed at $486.

Bitumen prices in Singapore and South Korea reached $428 and $420, respectively.

It is predicted that Bahrain will face a surge of $25 within the next week and it will jump from $395 to $420.

The range of bitumen price in Europe grew in the range of $430-470.

Due to the cold season in the Northern regions of India and the shortage of liquidity, India will probably encounter a fall in bitumen prices on February,1, and changes may not be implemented considering the global trend.

There is no new trend in the markets of East Asia by the start of the Chinese New Year holiday.

In Iran, despite the rise of the US dollar value against the Iran Rial, the refineries kept competing for the vacuum bottom purchase and the prices remained in the same range of last month. However, considering the growth of bitumen prices in other markets, the price trend in Iran may also continue to increase slightly.

Infinity Galaxy Company wishes you a happy Chinese New Year and a successful year for all the market players.

To check the latest bitumen prices at different destinations, check the Infinity Galaxy website: https://infinitygalaxy.org/bitumen-price-today/.

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