The bitumen market ended the month of July in peace. The prices did not change significantly during the week; however, traders experienced much less volatility. In the Middle East, the bulk bitumen was traded around $280 – $290 and the new steel drum was in the range of $350 – $360. Singapore, another benchmark in Asia, traded per ton of bulk for $385 – $400 and per ton of new steel drum for $495 – $500. Prices reported from China show that its market roughly changed and currently the price per ton of the bulk bitumen is $410 – $420.
In South Africa, bitumen prices were up for $5, and the price reached $535 – $545. Things were a little different in North and West Africa, the prices hiked about $15 – $20. Currently, bulk is traded for $460 – $470 per ton in North Africa and $575 – $585 per ton in western regions. Prices were almost stable in the eastern areas.
Covid variants are spreading quickly in various countries. However, governments have not declared any intention for another lockdown. Therefore, the stock market and commodities are still in positive sentiment. Traders believe that demand is still rising and do not have any concern about halting construction activities.
Oil price made a much more promising situation as well. Experts think that crude will end in 2021 at an average of $70. They have not excluded the possibility of higher prices around $80 and above, but they believe those prices would not be permanent for all the year.
The market is still watching the possible new rivals of the market, including Iran. The country has the president inauguration ahead and might experience changes in sanctions through the upcoming weeks.
This article was prepared by Mahnaz Golmohammadian, the Content specialist and market analyst of Infinity Galaxy.