Exchange Rates
Strong competition in the bitumen industry and the strengthening Rial against the dollar led to higher prices last week. Although these two factors were crucially effective on the price, they were not the only positive variables. Supply and demand are also turning in favour of the
In the Middle East, one of the market players of bitumen, increased the price by 30$ only in one week. These types of growth rarely happen. Surprisingly, the increase is not over yet and traders prefer to lock their orders as soon as they can, not to miss the lower prices.
Crude oil condition is also adding up to the tensions. The oil price is getting higher, probably to $ 86 in the next two weeks. The price is still trapped in the range of 71 to 86. The market is waiting to see which direction it takes.
In the Middle East, the new steel drum bitumen is in the range of $ 405 – $ 415 and the bulk bitumen is in the range of $ 320 – $ 325. The bulk of Singapore is volatile in the range of $ 450 – $ 455 and South Korea is currently $ 400 – $ 405.
