Rise of VB Rates in Iran
While the market is struggling with the ambiguity of price direction in crude oil, Iran increased vacuum bottom prices by 21% on the first working day of the Persian new year. The increase was a result of dollar exchange rate fluctuations and a hot competition by 57% among refineries to get VB.
The global bitumen market condition is surely complicated these days but the complexity rises even higher in the Middle East market. The recent fluctuations in the exchange rates of Dollar/Rial have confused traders on their next movement.
However, the demand is not stopped despite all the difficulties. Traders make their best to supply their projects and clients on time; therefore, demand is floating in the market.
Crude oil is also making it for traders to decide since it keeps going in different directions. The hectic condition of the economy does not look to be improving. In fact, crude can see lower prices if it keeps going toward the turmoil.
Last week, in the Middle East, the new steel drum bitumen is in the range of $ 430 – $ 440 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 $ 425 – $ 435.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.