A New Rising Trend
There was a market twist last week. While there were whispers about a possible drop, prices suddenly showed a potential to increase. This sudden potential has uncertain market participants because they were expecting a lower price for their purchase but the move was the opposite. Singapore’s bitumen price increased by 25 USD and Iran’s vacuum bottom grew by 38%.
Crude oil is also showing a better condition while it has arrived at a very strong area. Some believe that it is only the start for crude and it will see higher prices.
At the moment, considering the compiling positive factors, market participants can expect more growth.
In the Middle East, the new steel drum bitumen is in the range of $ 415 – $ 420 and the bulk bitumen is in the range of $ 325 – $ 330. The bulk of Singapore is volatile in the range of $ 495 – $ 500 and South Korea is currently $ 430 – $ 435.
