Bitumen Price March 2020

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Bitumen Price March 2020

Recently, the price of asphalt dropped sharply, and analysts pointed out that the main reason was the crude oil price. The decline in international crude oil prices and bitumen price March 2020, is mainly due to the pessimistic expectations brought about by the unexpected spread of the new coronavirus in many countries around the world.

The reality of weak asphalt demand has not changed significantly for the time being. Although the Ministry of Communications said that the resumption rate of key highway construction projects has increased and logistics traffic has gradually resumed, it will take some time for the overall demand to improve.

To clarify, in March 2020, the operating rate of asphalt refineries in China declined by 2%, refinery inventory by 1%, and social inventory by 7%. The overall inventory is still accumulating, indicating that the terminal demand has not improved significantly for the time being.

Be alert to the impact of the spread of the epidemic abroad on the supply chain. One is the production of raw materials, the other is the transportation of raw materials, and the third is the asphalt trade. On the one hand, the shortage of raw materials intensifies or leads to a rapid rise in the bitumen price March 2020. Moreover, South Korea and Singapore are important asphalt exporters. If the epidemic situation spreads globally or affects the global asphalt supply capacity.

Coronavirus outbreak & its effect on the bitumen price march 2020: Measure & preventive actions by ports

As an illustration, the outbreak of coronavirus has been at the center of discussions as it has already led to several fatalities. Now, the virus is disrupting the major economies in the world. In this regard, the shipping industry and stakeholders have issued advises and steps to be taken so that seafarers are guarded.

Besides, Main oil and commodity exporters in the Middle East are now dealing with high numbers of confirmed coronavirus infection cases. The region is home to 5 of the world’s busiest container ports, including Jebel Ali, Hamad, Dammam, and Bandar Abbas. Moreover, Iran with at least 95 cases of coronavirus, Bahrain with 23, U.I.A with 13, Kuwait with 9, and Iraq with 5 cases of coronavirus are now hot zones of fighting with high risks of the virus’s transmission.

The International Transport of Workers’ Federation issued advice on the virus, which originated from China in late 2019, causes pneumonia, and can be life-threatening.

How to Protect Ports and Ships against Coronavirus?

International Maritime Health Association announced many tips for people working in the ports and ships, as follow:

•  Frequently clean hands by using alcohol-based hand rub or soap and water;
•  When coughing and sneezing cover mouth and nose with flexed elbow or tissue – throw the tissue away immediately and wash hands;
• Avoid close contact with anyone who has a fever and cough;
• If you have fever, cough and difficulty breathing seek medical care early and share previous travel history with your health care provider;
• When visiting live markets in areas currently experiencing cases of novel coronavirus, avoid direct unprotected contact with live animals and surfaces in contact with animals.

To sum up, the longer the health crisis lasts, the harder it will be to move goods around the world. The coronavirus outbreak has killed more than 560 people and infected at least 28,000 — mainly in China, where close to 60 million people are living in cities on lockdown. All that above reasons have effected on the bitumen price March 2020 notably.