Tensions Increasing
The tensions in the Middle East are increasing uncertainties in the region. Hamas-Israel war is causing concerns against crude supply. The uncertainty is not only seen in crude oil but also in all petroleum products. Market factors are very complicated and sometimes opposite. Demand is rising, for instance, while there are some talks about growing inventories. However, the hectic situation has already boosted the prices.
Accordingly, Bitumen markets have not been in agreement about the price during the last week. In Singapore and Korea, prices increased while Europe and Côte d’Ivoire decreased their rates. Bahrain also decreased bitumen prices. Iran kept all the rates unchanged and India raised it by 5 USD.
In the Middle East, the new steel drum bitumen was in the range of $ 412 – $ 416 and the bulk bitumen was in the range of $ 322 – $ 326. The bulk of Singapore is volatile in the range of $ 520 – $ 525 and South Korea is currently $ 425 – $ 430.
