It is the onset of bitumen season in most regions since the rainy weather is going off and projects are starting again. Yet, the bitumen markets in the Middle East are not as lively as last year at the same time. Market participants seem to be unable to make up their minds on their purchases. The situation in oil, exchange rates, supply and demand is very unclear for them and they can’t see any certainties.
Exchange rates are troubling many traders in different countries. In the Middle East, it is causing problems for suppliers since they can’t fix the price. In several Asian and African countries, it is troubling for buyers in case of change in their national currencies.
Crude oil is also very volatile. While many were bullish about a new rise, the price started going down as it got to 86 several weeks ago. Right, now it doesn’t look to have enough strength for another rise.
During the last week, bitumen prices were stable with a chance of a little decline.
In the Middle East, the new steel drum bitumen is in the range of $ 410 – $ 415 and the bulk bitumen is in the range of $ 320 – $ 325. The bulk of Singapore is volatile in the range of $ 460 – $ 465 and South Korea is currently $ 420 – $ 425.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.