Iran’s bitumen prices paused during the New Year holiday but are expected to rise due to changes in vacuum bottom prices.
The US Secretary of State embarked on a diplomatic mission to the Middle East aimed at brokering proposals for the security management of Gaza post-war. Emphasizing the pursuit of a sustainable peace framework, his discussions with Saudi Arabian and Egyptian leaders will center on crafting a lasting solution. Concurrently, Russia’s electoral commission declared Putin’s fifth presidential term with a 78% majority, prompting condemnation from the European Union, which deemed the election results in Ukraine’s occupied territories as invalid.
Meanwhile, the Bank of Japan concluded its 17-year experiment with negative interest rates, opting instead to target a stable 2% inflation rate. Following a two-day meeting, the bank decided to adjust short-term interest rates to a range between zero and 0.1%, marking the first rate increase in Japan in nearly two decades.
On March 18, the Turkish Statistical Institute disclosed that consumer inflation in Turkey surged to 67.07% in February, surpassing expectations. Forecasts indicate a likelihood of further interest rate hikes in the country in response to this alarming inflation rate.
India forged a trade deal with select European nations, committing to invest $100 billion over 15 years and generate 1 billion jobs.
Last week, Brent crude oil surpassed the 85 USD mark for the first time since November 2023. Prices fluctuated between 80 and 85 USD per barrel in the past month until the International Energy Agency revised its 2024 oil demand forecast upwards, citing ongoing attacks by Houthi rebels on oil vessels in the Red Sea.
Contributing to this surge were diminishing US oil reserves and a Ukrainian drone strike on a Russian refinery, pushing crude oil prices to 85 USD.
On March 20, Singapore’s 180 CST hit 488 USD, with bitumen closing at 410 USD.
In South Korea, bitumen prices stood at 400 USD.
Bahrain’s bitumen maintained at 360 USD, amidst speculation of a potential 20 USD increase.
European bitumen prices ranged from 420 to 460 USD.
Following a 7 USD dip in India’s bitumen price, refineries aim to maintain current rates by April 1.
Iran’s Bitumen Prices
Iran experienced a bitumen pricing pause during the New Year holiday, but with recent changes in vacuum bottom prices, a 15 USD increase in the base price is anticipated.
With potential bitumen price hikes in Bahrain and Singapore, coupled with ongoing oil price uptrends, Iran’s prices are expected to rise from April onwards.
