2023 A Hard Year
2024 started while crude oil forecasts failed for 2023. The price roughly touched $ 100 and most petroleum markets thrived less than expected. Bitumen, specifically, experienced lots of ups and downs due to the uncertainty about crude oil, demand, supply and geopolitical tensions. Although the price had lots of fluctuations, purchases and demand didn’t stop throughout the year. Projects were running and owners needed to supply on time. Production also had hardships including expensive first materials and economic fears. Geopolitical tensions were one of the most important factors in raising uncertainty.
At the end of 2023, 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 $ 450 – $ 460 and South Korea is currently $ 375 – $ 380. Bahrain bulk recorded 400 USD at the end of the year. You can contact me for more information or ordering bitumen, Click here.
For 2024, bitumen started by a 20$ drop in India but the future is not clear. The market looks up to oil to find the path and currently, it has stayed above 71. The fundamentals and economic conditions will have direct effects.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
