Despite all the increase in China’s demand, it has moderately slowed down recently and it has brought uncertainty to the markets. We could see that the Brent fell lower last week and it is now around 71 dollars.
Bitumen acted weakly in the last days the market participants were expecting a much more fall for crude oil. Since Monday, however, the crude was somehow stable in the range of 70 – 75 USD and it has kept people in a dilemma about their next decision.
The reports of jobs and unemployment in the US also decreased a bit of the recession fears as they showed better statistics. Although things are better in the economic reports, we can’t be sure about the end of the danger.
Demand for bitumen is still flowing to the Middle East from East Asia and different parts of Africa.
During last week, in the Middle East, the new steel drum bitumen is in the range of $ 395 – $ 405 and the bulk bitumen is in the range of $ 335 – $ 345. The bulk of Singapore is volatile in the range of $ 470 – $ 480 and South Korea is currently $ 425 – $ 435.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.