Freight Increase
Different markets are still struggling with the concerns of shipping lines since freights have doubled or tripled for several destinations. Bitumen markets are no expectation and many suppliers are now confronting difficulty in adjusting their old orders because of the changes. None of the markets are running at full capacity yet due to the New Year holidays. Orders are flowing in the market but many buyers are still uncertain of the new year and don’t know what to do. Some hope to see lower prices and a calmer situation but the experts haven’t mentioned any possibility.
As projects are starting again, orders are rising but as mentioned above traders prefer to act slower. There are talks about having a general increase after mid-January. In the Middle East, we already had a jump. Bitumen prices increased by 16 USD on Sunday and it is adding up the pressure.
In the Middle East, the new steel drum bitumen was in the range of $ 358 – $ 363 and the bulk bitumen was in the range of $ 272 – $ 277. The bulk of Singapore is volatile in the range of $ 442 – $ 445 and South Korea is currently $ 375 – $ 380. Bahrain bulk recorded 400 USD at the end of the year.
