Oil Uncertainty
Bitumen traders faced different fluctuations in several regions. In the Middle East, the prices fell due to the oil drop. The decrease has been a strong incentive for buyer of the region. Purchases have increased lately but several traders are also waiting for even better prices. Suppliers, on the other hand, do not know if the price can come surely lower because of the regional changes that they are looking into.
One the biggest players of the market is now dollar exchange rate. Suppliers in Iran expect that dollar exchange against Rial comes lower. If that happen due to the running negotiations, the price of petroleum products will definitely rise despite the fall of crude.
In the Middle East, the new steel drum bitumen is in the range of $ 384 – $ 389 and the bulk bitumen is in the range of $ 306 – $ 311. The bulk of Singapore is volatile in the range of $ 485 – $ 490 and South Korea is currently $ 410 – $ 415.
But the chaos is not only for bitumen markets. Traders are facing all these vague visions in fuel, petrochemicals and crude too.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.
