New Steel Drum Bitumen Price 2019

Note: Consider all the price figures at an average of ± 5 USD.

Month Iran Singapore
2nd January 340-360 530-540
1st February 290-320 505-515
1st March 310-330 505-515
2nd April 320-340 530-540
6th May 315-335 550-560
3rd June 300-320 550-560
4th July 290-315 555-565
6th August 350-370 550-560
4th September 310-330 550-560
1st October 350-370 530-540
4th November 305-325 580-590
3rd December 275-305 535-545

A brief analysis of bitumen new steel drum prices in 2019

Iran’s highest bitumen price in 2019 was 370 USD in August and October, and the lowest price was 275 USD in December. In October 2019, Iran’s new steel drum bitumen price had started to decrease slightly. Singapore FOB’s highest price in 2019 was 590 USD in November, and the lowest bitumen FOB price was 505 USD in February.


Bulk Bitumen Price 2019

Note: Consider all the price figures at an average of± 5 USD.

Month January February March
Day 2 1 1
Iran 300-320 240-270 272-295
Bahrain 385 350 370
Thailand 320-330 325-335 365-375
Singapore 330-340 335-345 375-385
Japan 355-365 345-355 375-385
Taiwan 325-330 335-345 370-385
South Korea 320-330 340-350 375-385
Month April May June
Day 2 6 3
Iran 270-290 270-290 260-280
Bahrain 392 390 395
Thailand 410-420 410-420 400-410
Singapore 415-425 420-430 410-420
Japan 415-425 425-435 415-425
Taiwan 405-415 415-425 405-415
South Korea 405-415 415-425 400-410


Month July August September
Day 4 6 4
Iran 260-280 290-310 260-280
Bahrain 365 390 360
Thailand 360-370 395-405 385-395
Singapore 365-375 395-405 390-405
Japan 380-390 400-410 395-400
Taiwan 360-370 390-400 380-395
South Korea 355-365 375-385 370-380
Month October November December
Day 1 4 3
Iran 300-320 260-280 220-240
Bahrain 340 320 295
Thailand 392-415 385-395 340-350
Singapore 405-410 400-410 350-360
Japan 400-415 390-400 375-385
Taiwan 390-400 385-395 340-350
South Korea 375-380 375-385 325-335

A brief analysis of bulk bitumen prices in 2019

The lowest bulk bitumen price for Iran was 220-240 USD in December 2019, and the highest bulk bitumen price was 300-320 USD in October 2019. As shown above, from March to July, Iran’s bulk bitumen prices were somehow stable, but July to the end of the year, prices had raised and fallen several times.

14 important factors affecting bitumen price in 2019

14 important factors affecting bitumen price list 2019

1) The start of using IMO convention 2020 at the end of the year 2019 and the substitution of crude oil and high sulfur fuel oil (HSFO) in the bitumen price formula had resulted in the fluctuation in bitumen price list 2019.

2) North Korea-U.S. Nuclear Talks Stall

Meeting of Donald Trump and Kim Jung Un didn’t produce much progress. On June 30, Trump and Kim agreed to resume nuclear negotiations. They agreed on the specifics for talks, but hours after striking that agreement, North Korea launched a ballistic missile in violation of UN resolutions. Negotiators met on October 5, but the talks ended after 8 hours with no agreement. The prospects for 2020 aren’t any better.

3) The U.S.-China Trade War Continues

Back in March 2018, President Donald Trump tweeted that “trade wars are good and easy to win.”

In February, Trump delayed imposing a new round of taxes on Chinese goods in a bid to give negotiators time to strike a deal.

In May, he concluded that the talks hadn’t progressed and imposed a new round of charges & August, however, Trump announced he would place tariffs on $300 billion worth of Chinese goods effective September 1. Twelve days later, he partially reversed the course.

China wasn’t mollified; on August 23 it announced tariffs on $75 billion worth of U.S. goods.

Negotiators continued to meet, and on October 11 they reached a tentative agreement on a “Phase 1” deal. It took another two months, though, before the details were worked out. Both sides claimed victory. However, the agreement failed to settle the major differences between the two economic superpowers, suggesting that 2020 could be hard on the trade front.

4) Tensions in the Persian Gulf

War in the Persian Gulf seemed imminent at several points in 2019. In May, four commercial ships were attacked while anchored

just outside the Strait of Hormuz, through which about a fifth of the world’s oil passes. The United States accused Iran of being “directly responsible” for the attacks, a charge Iran denied. Consequently, tensions in the next following months between Iran and the US affected the oil and fuel prices and bitumen price list 2019 deeply.

5) The Amazon Burns

The 80,000 fires set in 2019 were the most in a decade, and they burned an area about the size of New Jersey. The year ended with scientists warning that deforestation in the Amazon had reached a point that would “release billions of tons carbon into the atmosphere.”

6) OPEC cuts production to prop up oil price

OPEC continued to respond to swelling U.S. shale oil production by reducing its production.

7) U.S. oil production sets a new record of 12.8 million BPD

This event impacts on the rest of the world’s oil markets. We would be living in a very different world today if not for the massive increase in U.S. oil production over the past decade. The new record was 1.2 million BPD higher than last year’s record, and it pushed the U.S. to net exporter status for crude oil exports and finished products for the month of October.

8) On 12 May, four commercial ships, including two Saudi Aramco oil tankers, were damaged near the port of Fujairah in the Gulf of Oman.

The United Arab Emirates (UAE) claimed the incident was a destructive attack. On 13 May, the U.S. embassy in Baghdad said U.S. citizens should not travel to Iraq and for those who were already there to keep a low profile. On the same day, The New York Times reported that Acting U.S. Defense Secretary

presented a military plan to send as many as 120,000 troops to the Middle East if any country attacked American forces or took steps toward developing nuclear weapons. U.S. President Donald Trump later discredited this, saying he would instead “send a hell of a lot more” than 120,000 troops if necessary.

9) In June 2019, according to the forces, it was warned that any clash in the Persian Gulf would push oil prices above $100 a barrel.

On 13 June 2019, two oil tankers caught fire after allegedly being attacked by limpet mines or flying objects in another incident in the Gulf of Oman. On 17 June, the U.S. announced the deployment of 1,000 more soldiers to the Middle East. All had a large impact on the bitumen price list 2019.

10) Sanctions and Iranian shoot-down of U.S. drone

Tensions reached a new high when, on 20 June, Iran shot down a U.S. drone, saying the drone had violated Iranian airspace. Iran called the shoot-down a “clear message” to the U.S. while also pointed out that Iran was not seeking war.

11) British and Iranian tanker seizures

On 3 July, Gibraltar enacted “Sanctions Regulations 2019” after the March 2019 Sanctions Act, referring to the EU sanctions for Syria. It also specified the Panama-flagged Iranian tanker Grace 1 as a ship under those regulations. On 4 July, the ship was seized by British authorities while carrying out an off-port limited logistics stop in Gibraltar, on suspicion that the vessel was carrying oil to Syria in breach of European Union sanctions.

12) Seizure of Iraqi tanker and Grace 1 dispute

On 4 August 2019, Iran seized an Iraqi tanker for taking oil to other Arab countries. The seven crew members on board were detained, further heightening tensions in the Persian Gulf and the bitumen price list 2019.

13) IMSC launches operations

On 7 November 2019, International Maritime Security Construct (IMSC) launched official operations in Bahrain to protect the shipping lanes near the troubled Iranian territorial waters. The coalition opened its command center in the country, to ward off the perceived threat to the global oil supply amid the crisis.

14) U.S. airstrikes on Iraqi militia and attack on Baghdad embassy

On 27 December, Iran, Russia, and China performed a four-day naval exercise in the Indian Ocean and the Gulf of Oman. According to the Iranian government and military officials over its state news channel Press TV, the exercise was a response to the U.S.–Saudi regional plans and was meant to demonstrate that Iran was not isolated despite U.S. embargo.

There are more events that largely effected on the bitumen price list 2019. But we have brought only the most important ones.

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