Bitumen Price

Bitumen Price

Bitumen is a vital and highly applicable material for many industries and most countries. It has many grades, each of which has various applications and uses.

The bitumen price and its process are two highlighted factors. Why is this so? To answer this question, we should refer to factors such as the oil price, Petrochemical products demands, and the different market conditions. All will affect the bitumen price. Therefore, this is a complicated matter that needs accurate analysis and forecasts. Subsequently, the bitumen price itself will affect some other particularities and elements to some extent. In other words, some matters impact the bitumen price, and the bitumen price causes changes in some trades and schemes.

Bitumen Grade (Drum)	FOB Jebel Ali Bitumen Price USD
Bitumen 60/70	430 – 440
Bitumen 80/100	430 – 440
Bitumen 40/50	430 – 440
Bitumen VG 10	430 – 440
Bitumen VG 30	430 – 440
Bitumen VG 40	430 – 440
60/70 SPOT Test Positive	400 – 410

What Items Affect Bitumen Price?

They mainly derived bitumen from the vacuum bottom in oil refineries. Bitumen manufacturers refer to it as the heaviest part of crude oil, which is the base material for producing bitumen. Therefore, the VB price is extremely influential in bitumen and other petrochemical costs. The below mentioned items affect straightly on the Vacuum Bottom.

(VB) Price

Fuel price

Crude oil price

Political circumstances

Currency rates equality

Bitumen demand and supply rates in the market, and the rate of demands on the hot season of the year when constructions are increased.

These details are responsible for the vacuum bottom price moves. Look at the figures below to learn better.

Average annual OPEC crude oil price 2017: 52.51 USD

annual OPEC crude oil price 2018: 69.78 USD

Average OPEC crude oil price 2019: 63.83 USD

 

Bitumen Value Change in 2019-2020?

2020 was a pretty challenging year regarding the coronavirus crisis and the economic depression. Before the Coronavirus pandemic, Brent crude oil rose to its highest level in the first four months of 2020, reaching $70 on January 6.

With the contagion of the Coronavirus in the Middle East and Europe,

as well as the closure of China’s borders, Brent crude oil hit $35 on March 9, and Brent oil has been declining since then, reaching $9 on April 21. WTI oil price changes have followed a similar trend. On January 6, WTI oil reached $63, the highest price in the current year. Two falls in the prices occurred on March 9 and April 21. They recorded the minimum WTI oil price at $11 on April 21, 2020. Moreover, OPEC’s highest oil price in 2020 was recorded on January 6 at $70. The lowest price for this oil on April 22 was $12. On March 10, a $13 drop in OPEC oil happened.

All the fluctuations mentioned above resulted from the coronavirus crisis. As we all know, the price will change undeniably as the oil value changes.

Generally, the prices in the Middle East have more fluctuations  since the U.S. has more conflict with Asian countries such as China, Iraq, etc. However, European countries have complications in their economy and prices.

Up to now, we have discussed the variations in bitumen price,

practical items on this subject and the price trends since 2017. Infinity Galaxy

 

Bitumen Price 2021

Besides, we mentioned the fact that global events can also have a significant impact on the bitumen and oil market. For instance, the coronavirus crisis had a noticeable influence on the market. However, this is not the entire story since we will see further changes in the future market.Bitumen price List 2022

 

A Brief Look at 2022:

The world couldn’t reach the economic growth we had forecast for it in 2022. Therefore, bitumen consumption did not reach the expected level.

To explain more, different events like the Ukraine-Russa war and corona pandemic caused to increase and decrease in bitumen price respectively. However, the average bitumen price in 2022 was more than 2 past years.

 

A Vision of 2023

The financial Organization estimates that the price of crude oil will increase and as a result, the price of bitumen will also increase.

Exchange rate, economic growth, and conditions in each region are all factors that can affect the price of crude oil and petroleum products. but the important matter is that the projects relate to bitumen and asphalt will continue in the new year in east Asia and Africa unless special events lead to stopping them.

If nothing special happens in 2023 and oil remains in the current range, the bitumen price trend will probably not decrease and the request will be evaluated based on the country’s economic growth.

Therefore, the economic growth of the country will be a determining factor in the price of oil, bitumen, and the consumption of petroleum products.

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