The price of oil on Monday, the first week of August 2022, decreased by about 6 dollars to below 100 dollars. However, there is a possibility of an increase in the price of bitumen in the market.
More about India’s bitumen market prices
India had decided to reduce its bitumen price to about $40 decrease, but due to the increase in demand in the Indian market and the end of the monsoon, the price of bitumen was reduced by $16.5.
In general, the amount of demand in the markets is increasing.
Other African and Asian markets also faced an increase in demand.
At the same time, the increase in the spread of Corona and the possibility of some ports being closed will cause changes in the current situation.
In Iran, bitumen refineries competed with each other for the purchase of raw materials between 5% and 15% during the past week.
Although the price of bitumen in the current situation in Iran is around $400 FOB, forecasts say that if the upward trend of oil continues after the current downward trend, the price of bitumen in Iran will reach above $400 FOB.
During the last week, nothing serious has happened in the market and the market is in a calm state in the current situation.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy.
