Weekly Bitumen Report: Market Elements Indicating a State of Uncertainty

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The market of bitumen export passed a quiet environment within the last week. Continuity of lockdown in different states, the outbreak of a new disease called “Black Fungus”, and fire at HPCL were among the top news in India.

On the other hand, the final candidates of the presidential election in Iran were announced and out of 592 initial candidates, seven of them were chosen and the new president of Iran will be elected in less than a month. The notable point is none of the candidates is supported by the current government and this fact motivates the Iranian nuclear negotiators to reach a faster conclusion on their negotiations with the USA as an achievement of President Rouhani’s government.

Although US dollar value increased up to about 3% against Rial in Iran, the refineries were not willing to purchase vacuum bottom in IME from Jey Oil and Pasargad and it can be a sign of a sudden drop in US dollar value in the coming days and an increase of bitumen price in Iran, so the producers and exporters prefer not to take risk of irrecoverable losses.

The season of monsoon is ahead and lockdown is about to finish in some days, also the Iranian exporters are reluctant to deal huge quantities because of currency fluctuations, so a fragile market can be expected in the next two weeks and it seems both parties of sellers and buyers would rather not deal incautiously.

In the end, in the next 10 days, a jump of about 10$/MT on vacuum bottom is expected in Iran due to the stability of oil prices in current days.

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

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