Shaky Demand and Supply
The Bitumen market experienced different scenarios in various markets last week. Several countries stopped their imports due to the heavy onset of rains. Construction projects are on hold until the end of the monsoon. In the Middle East, demand is still flowing in but traders are in doubt about the price. Although many expect more falling prices, several others are expecting to see a rise in case of a successful agreement between Iran and the US.
The market shows that no one is counting on the news about tight supply. The oil price didn’t rise after the cut OPEC since it was not much noticeable. It is exactly the opposite of what happened in the last cut.
On the other hand, reports about the financial situation are gradually terrifying market participants. Although, payrolls and job reports were above expectations. Other reports are not much promising. The fear of economic crash and a recession is still flying over industries and communities.
In the Middle East, the new steel drum bitumen is in the range of $ – $ and the bulk bitumen is in the range of $ 296 – $ 301. The bulk of Singapore is volatile in the range of $ 480 – $ 485 and South Korea is currently $ 410 – $ 415.
