India Price, Up & Down
Bitumen and fuel markets were almost uncertain during last week as they were watching crude oil movements. Brent was wavering in the range of 80 and could not finally pass through 87, with the strong resistance that the price is hovering below it since November 2022.
Crude oil is stalling in the range of 75 – 87 and it does not show enough potential to break the resistance upward. This is happening while the market is sure of the tight supply in the second half of 2023. Several financial institutions increased their 2023 oil forecast by about 5 dollars after the OPEC cut as well.
This uncertainty in the oil market caused fluctuations and exhaustion in bitumen markets. On 1 May, India’s different markets did not move even in one direction together. Several regions increased prices by 16 USD and others decreased the price by different ranges.
Although bitumen prices have decreased, freight increases avoided the prices to see lower rates for most areas.
Last week, in the Middle East, the new steel drum bitumen is in the range of $ 415 – $ 425 and the bulk bitumen is in the range of $ 345 – $ 355. 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.