The onset of Nowruz Holidays in Iran
While different petroleum markets were highly hopeful toward 2023’s prices, sentiments seem to be fluctuating in opposite direction quickly. Major investment companies such as Goldman Sachs no longer see $100 for crude oil in 2023.
The economic situation is rising fear among communities about another financial crisis in major banks. The turmoil will be the first since the great depression.
Consequently, bitumen and petroleum products are highly cautious about their next move. Demand is still expected to rise throughout 2023 due to the ongoing construction projects and the vital market of export/import. But the fear of oil price collapse has caused a bit of hesitancy for the market participants.
In Iran, prices were more volatile due to the fluctuation of dollar against Rial. Prices suddenly increased greatly after a sharp fall in dollar exchange rate against Rial. Competitions are also effective on the rising prices.
In the Middle East, the new steel drum bitumen is in the range of $ 435 – $ 445 and the bulk bitumen is in the range of $ 345 – $ 355. The bulk of Singapore is volatile in the range of $ 475 – $ 485 and South Korea is currently $ 430 – $ 440.
Bitumen Price team wish you a very happy Nowruz with a year full of prosperity and happiness.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.