The Heat of War
As the tensions in the Middle East and the Hamas-Israel war fired up during the week, prices in crude and other petroleum products including bitumen increased in many regions. Yet, the situation was not similar in all the markets. For instance, the price in Europe and West Asia decreased while East Asia raised the rate.
Iran has a mixed situation and it is not clear where the market will head towards. India has not decided on a price change direction either. The country will have Diwali holidays and the market will be on track afterwards.
In Africa and Bahrain, traders experienced a smooth market as Africa kept the rates steady along with Bahrain in the last week.
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. You can contact me for more information or order bitumen, click here.
The price direction of crude is also closely related to the condition of the Middle East and the new war. Therefore, most markets try to act their best for short-term visions.
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This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
