Within the last week, crude oil followed its upward trend and at the time of preparing this report, it touched the level of 75 US dollars.
Bahrain increased its bitumen price by $20 once again and stopped at $425 per ton, and generally, a surge of $40 was observed in its bitumen prices during two weeks. Singapore also increased the bitumen price in its market.
In Iran, another jump of the vacuum bottom price up to about $12 is expected within the next 6 days and more increase is also probable.
In the meantime, the daily vaccination of 1.2 million people and 35 million doses are improving the general situation in Iran and the number of deaths might decrease in the next coming weeks.
On the other hand, the positive news is heard regarding the nuclear talks of Iran. It seems even the main opponents of the Iran nuclear agreement are also welcoming another negotiation and it can be expected that Iran returns before November 2021. In such a case, the considerable devaluation of the US dollar against the Rial will be coming.
In India, by approaching monsoon and vaccination of 753 million people with the first dose of the available vaccines, a growing market is appearing. Although, as was mentioned in last week’s report, Indian refineries dropped bitumen prices by about 750 Indian Rupees. The improving conditions of the world might affect this new drop and it might not last long.
There are initial whispers of applying another GRI by the shipping lines from 26 September that will affect the finished costs of commodities.
Generally, the perspective of the market in near future can be interpreted as a growing market unless some new unexpected events occur.
This article was prepared by Razieh Gilani, the sales manager of Infinity Galaxy (www.infinitygalaxy.org).