Holidays and Weak Markets
2022 is now ending and the world has seen a huge spectrum of events in the last 12 months. To review the year that has already passed, we can say that it was a new and unknown journey for many. Oil and commodities, mostly, rose to their highest prices compared to their history in the last decade. Then they started to fall moderately.
Crude oil Brent started January with prices around $ 80 then hiked above $100 from March to June. There was a time that reliable financial organizations declared that they predict $ 200 crude oil but the pump didn’t last much and it again got back to around 80 by the end of the year.
Bitumen prices were also volatile in all the regions. The currencies fluctuations due to the dollar growth, fuel prices, and crude oil volatilities dominated the price variously in different regions.
Demand is expected to rise in 2023 and the request have been fairly good at the end of 2022. The projects are expanding in 2023 and if the world does not meet any other global issue, we will see more demand for road construction.
In the Middle East, the new steel drum bitumen is in the range of $ 380 – $ 385 and the bulk bitumen is in the range of $ 330 – $ 340. The bulk of Singapore is volatile in the range of $ 500 – $ 505 and South Korea is currently $ 380 – $ 390.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.