New Year Silence
After a hard year with war, covid, inflation, recession, and political tensions, we got to 2023. Experts and traders are looking for an outlook of the new year but we can say that is not possible.
The variables of the price are very extended. The end of the war in Ukraine is not very clear. Several hope it ends in the next 6 months while many believe none of the sides will retreat.
The inflation data show increasing pressure on governments and they are trying to restrict it by adding up to the interest rates.
Covid is quickly spreading through China and many are infected due to the virus. The government is loosening the covid zero restrictions due to the protests and it can worsen the situation.
Bitumen and petroleum products demand was flowing in the market but it was not much hot as it is the first days of January. The demand is predicted to increase since there are many construction projects in various regions.
In the Middle East, the new steel drum bitumen is in the range of $ 390 – $ 395 and the bulk bitumen is in the range of $ 330 – $ 340. The bulk of Singapore is volatile in the range of $ 500 – $ 505 and South Korea is currently $ 380 – $ 390.
This article was prepared by Mahnaz Golmohammadian, the account manager and market analyst of Infinity Galaxy.