13 Mar 2025

14:00

  • Bitumen 60/70

    333$

    +

    -

    3$

    Iran - Bulk

    3.3%

  • Bitumen 60/70

    405$

    +

    -

    3$

    Iran - New Steel Drum

    2.7%

  • Bitumen 60/70

    405$

    +

    -

    3$

    Iran - New Steel Drum

    2.7%

  • Bitumen 60/70

    380$

    +

    -

    3$

    Iran - Jumbo Bag

    2.9%

  • Bitumen 60/70

    371$

    +

    -

    3$

    Iran - Flexitank

    3.0%

  • Bitumen VG10

    397$

    +

    -

    3$

    Iran - New Steel Drum

    2.8%

  • Bitumen VG30

    397$

    +

    -

    3$

    Iran - New Steel Drum

    2.8%

  • Bitumen VG40

    400$

    +

    -

    3$

    Iran - New Steel Drum

    2.8%

  • Bitumen C170

    401$

    +

    -

    3$

    Iran - New Steel Drum

    2.7%

  • Bitumen C320

    400$

    +

    -

    3$

    Iran - New Steel Drum

    2.8%

  • Bitumen AH70

    396$

    +

    -

    3$

    Iran - Jumbo Bag

    2.8%

  • Bitumen PG 76-10

    411$

    +

    -

    3$

    Iran - New Steel Drum

    2.7%

  • Bitumen 200/300

    400$

    +

    -

    3$

    Iran - New Steel Drum

    2.8%

  • Bitumen Oxidized 115/15

    363$

    +

    -

    2$

    Iran - Carton 25KG

    3.0%

  • Bitumen Oxidized 105/15

    363$

    +

    -

    3$

    Iran - Carton 25KG

    3.0%

  • Bitumen Oxidized 85/25

    363$

    +

    -

    3$

    Iran - Carton 25KG

    3.0%

  • Bitumen Oxidized 95/25

    366$

    +

    -

    3$

    Iran - Carton 25KG

    3.0%

  • Bitumen Emulsion CRS-1

    505$

    +

    -

    5$

    Iran - Reconditioned Drum

    2.2%

  • Bitumen Emulsion K1-60

    539$

    +

    -

    5$

    Iran - Reconditioned Drum

    2.0%

  • Bitumen Emulsion CRS-2

    552$

    +

    -

    5$

    Iran - Reconditioned Drum

    2.0%

  • Bitumen Cutback MC70

    626$

    +

    -

    5$

    Iran - Reconditioned Drum

    1.8%

  • Bitumen Cutback MC30

    636$

    +

    -

    5$

    Iran - Reconditioned Drum

    1.7%

  • Bitumen Cutback MC250

    606$

    +

    -

    5$

    Iran - Reconditioned Drum

    1.8%

  • HSFO CST 180

    439$

    +

    -

    5$

    Iran - Bulk

    -0.5%

  • HSFO CST 380

    436$

    +

    -

    5$

    Iran - Bulk

    0%

  • HSFO CST 180

    460$

    +

    -

    5$

    Singapore - Bulk

    -0.2%

  • HSFO CST 380

    457$

    +

    -

    5$

    Singapore - Bulk

    0%

  • Crude Oil Dubai

    69$

    +

    -

    5$

    United Arab Emirates - Bulk

    1.4%

  • Crude oil WTI

    67$

    +

    -

    5$

    United States - Bulk

    1.5%

  • Crude Oil brent

    72$

    +

    -

    5$

    United Kingdom - Bulk

    0%

Whispers of a new wave of the financial crisis in the Iranians new year

Shirin Yousefi

Publish Date: 2023/03/26

Share Report
Whispers of a new wave of the financial crisis in the Iranians new year

Despite Joe Biden’s pledge to support the nation’s banking systems, the collapse of Silicon Valley Bank in America caused the stock of international banks to decline. Signature Bank and First Republic Bank ran into serious situations following the failure of Silicon Valley Bank.

The chance of Russia and Ukraine being mediated for peace has increased as a result of Xi Jinping’s trip to Russia. China previously served as a mediator to restore relations between Iran and Saudi Arabia. Whether or not these talks will result in peace remains to be seen.

In the interim, the ongoing financial crisis in the USA prompted cooperation among the central banks of six different nations to support the USD’s position in the global financial system. The Bank of England’s statement includes mentions of the Bank of Japan, Bank of Canada, European Central Bank, Federal Reserve, and Swiss National Bank. To lessen the pressures on the world’s credit markets and to lessen their detrimental effects on the availability of credit to families and businesses, the six countries jointly took this action.

The combined effort of the banks caused oil prices to rise to USD 76. But even though America cautiously raised interest rates by about 0.25 percent to curb inflation, the fear of a repeat of the financial crisis of 2008 resulted in oil prices remaining stable in the range of 70 USD.

It is unclear whether central banks working together to make loans can stop the recession.

Despite Joe Biden’s pledge to support the nation’s banking systems, the collapse of Silicon Valley Bank in America last week caused the stock of international banks to decline.

Signature Bank and First Republic Bank ran into problems following the failure of Silicon Valley Bank.

In a different deal backed by the Swiss government, UBS Bank Switzerland agreed to acquire Credit Suisse Bank, uniting the two former rivals.

Iran is working to strengthen its political ties with other nations like the UAE and Iraq after relations with Saudi Arabia were restored. The effects of these political developments on the parity of the US dollar versus the Iranian rial must be observed over a longer period.

Global oil market price range
Singapore’s HSFO CST180 experienced significant changes over the past three days. It dropped to around 20 USD on Monday before rising to a new high of 18 USD on Tuesday, indicating market uncertainty. Bulk bitumen costs at the time were 480 and 425 USD, respectively, in Singapore and South Korea.

Bitumen in Bahrain is still costing around 325 USD.

While the market in Iran is closed for the New Year holidays, bitumen prices previously experienced a significant increase as a result of the decline in the value of the US dollar relative to the Iranian rial. During the New Year holiday, the market was shut down, and prices remained stable in their prior ranges. It appears that by the end of the holiday, the effects of recent incidents can be seen in the Iranian market.

Despite the current financial crisis, it appears that India will see bitumen prices rise again on April 1 after a 13 USD increase in mid-March. Lack of bitumen stock in India may be the cause.

It is advised that market activists closely monitor market updates and changes to make the best business decisions, especially given the New Year holidays in Iran, one of the biggest bitumen producers in Asia, and various regional and global crises.

Comments