Weekly Bitumen Report: Uptrend of Iran Bitumen Prices Continues

During the last week and following the victory of Donald Trump in the U.S. election, the Republicans gained the majority of the House of Representatives and took control of the Senate. Hence, the Senate and the House will fully support Trump's agenda.

In the Middle East, the tough war of Israel against Lebanon and Gaza continues, and the bombardments in the South of Lebanon have intensified. There is still no sign of Trump's attempts to bring peace to the Middle East.

In Europe, the experts believe that Trump's victory plan for Ukraine and Russia will be against Ukraine. However, they await his victory plan.

The monthly inflation rate of the U.S. was announced on November 13. In October, the inflation index was reported at 2.6%.

At the same time, on Friday, November 15, the annual change rate of China's industrial production is set to be announced, which is expected to increase from 5.4% to 5.5%.

On Thursday, the Brent crude oil prices reached $71.90. The reason for this is the reduced risk of supply disruptions caused by Hurricane Rafael in the Gulf of Mexico and investor disappointment with China's economic stimulus plans, which has led to the fall in hopes for fuel demand growth in China.

At the same, Singapore’s 180CST reached $447. Bitumen prices in Singapore and South Korea were recorded at $447 and $425, respectively.

In Bahrain, the bitumen price is still stable at the range of $395.

Bitumen price in Europe was closed at the level of $430-490.

India will probably face its fourth consecutive surge with a rise of $5-7 on mid-November.

In Iran, bitumen prices are still under the influence of internal issues such as a shortage of vacuum bottom, and the new record of %33 was hit by the refineries.

The factors driving up prices in Iran are still much greater than the reducing ones, and it does not seem that the pricing conditions in Iran will change in the coming months, even with a decrease in oil prices.

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


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