Bitumen Price February 2020

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Indian refineries increase price by Rs. 730 (~$10) /MT today on 16th February. Bitumen 60/70 has increased only $3 and bitumen 80/100  has increased $10 on 16th February 2020.

Indian refineries decrease prices by Rs. 110 (~$1.5) /MT today on 29th February.

February Bitumen Price 2020

Indian refineries increase the price by only Rs. 700 (~$10) /MT on 1st February 2020. The market crisis seems to get worse by the Coronavirus infecting China’s borders. This health problem is expected to add another layer of complexity to the tensions of oil production and exportation. February bitumen price 2020 and the oil prices see biggest monthly loss since May, as a result of China’s decreasing demand for oil. In the Middle East, Saudi Arabia is calling for an emergency OPEC meeting on concerns about oil demand. This is not just for the oil market, unfortunately.

Many experts suppose that a global market downturn is the only narrative we can foresee for February bitumen price 2020. A third of global growth is coming from China, which means the impact of China’s crisis on the global economy will be far more significant. In the bitumen market, February bitumen price 2020 fluctuations will extend more than before. China is one of the biggest consumers of bitumen in the world.

As Global Platts has reported lately, construction activities are restarting February 10 in Beijing and Hunan, Zhejiang, and Hebei provinces, but in cities in Shanxi, Tianjin, and parts of Sichuan, a restart date has yet to be declared. Concerns about demands will also put pressure on the February bitumen price 2020. For now, what we are sure about is that price fluctuation in the bitumen market will ruin so many deals in the Middle East.

Analysis of the prices on 27th February

1. Iran outbreak intensifies, oil price remains downward.

2. Bitumen price declined sharply, critics pointed out two ideas.

3. The reality of weak asphalt demand has not changed significantly for the time being.

4. The operating rate of asphalt refineries in China lowered this week.

5. Alert from the overseas bitumen supply chain due to the spread of the coronavirus outside of China.

Oil prices fell on 27th February. Since the first report was on the 19th in Qom, a religious holy place, the recent epidemic situation in Iran has accelerated. The number of confirmed cases doubled to 245 on the 27th, and many senior executives have been infected. A spokesman for the Ministry of Health said that cases of infection have been detected all over the country. The impact of the epidemic on oil prices and the February bitumen price 2020 is mainly reflected in market attitude and oil orders. The current overseas epidemic situation is still at an early critical stage. If it can be well controlled shortly, its impact on financial markets will be limited. If adverse control leads to a large outbreak of the epidemic and increases its adverse impact on the economy, oil prices and the February bitumen price 2020 will also come under pressure again.