Demand Changes
Bitumen and petroleum products markets are still in uncertainties. Since the tensions look to be improving in the Middle East, crude oil prices experienced a slight amount of decrease. On Monday, 29 Oct, fuel also opened with lower prices in East Asia.
Bitumen prices decreased in Europe and stayed at 400 in Bahrain. In East Asia, prices were almost steady. In Iran, the market has not headed in any specific direction due to the rising uncertainties. There are some expectations for a new increase because of the coming regulation that may be initiated in a couple of weeks. However, it is not certain yet and it is keeping market players in a price dilemma. Demand volatility has been seen in many markets. African bitumen markets might see an increasing demand as well.
In the Middle East, the new steel drum bitumen was in the range of $ 405 – $ 410 and the bulk bitumen was in the range of $ 320 – $ 325. The bulk of Singapore is volatile in the range of $ 520 – $ 525 and South Korea is currently $ 420 – $ 425.
