Slow Movements
As we entered the last month of 2023, commodities and most markets turned out to be slow and almost stagnant. Usually, December doesn’t have any distinctive movement, instead, the markets experience sideways. Bitumen had an absolutely tight connection with crude oil in the last couple of weeks and it caused a lot of uncertainty for traders. Contrary market decisions were one of the most prominent effects of the confusion.
In Iran, prices increased because of the competition that happened on vacuum bottom, the first material of bitumen refineries. This happened while India decreased its rates. On the other hand, Bahrain and several other producers decided to keep rates unchanged. On Monday, Singapore and South Korea had a slight dop in bitumen prices too.
Crude oil is also moving slowly and the purchasing power is not promising. The current economic data don’t suggest any sudden changes in prices so it is expected to see sideways movement.
In the Middle East, the new steel drum bitumen was in the range of $ 374 – $ 379 and the bulk bitumen was in the range of $ 288 – $ 295. The bulk of Singapore is volatile in the range of $ 470 – $ 480 and South Korea is currently $ 470 – $ 480.
