It’s the last week of 2022, and more than 310 days ago Russia’s war against Ukraine began, and there are rumors of more violent attacks on Kherson. The war caused worldwide hyperinflation and economic recession in many areas. Losses are estimated at more than 500 billion dollars.
Meanwhile, two different pieces of news about China were released yesterday: A rise in the number of COVID cases will lead to lower economic growth in China and a reduction in the number of COVID restrictions and deaths in China. Overall, Brent rose to $84 after China eased curbs, contrary to some analysts who see Brent ending 2022 in the $75-$80 range. As a result, Singapore’s CST180 rose above $400 after a two-month slide.
On the other hand, global bitumen prices have been stable in the past week, but in Iran, bitumen prices have reached their lowest price in the last 6 months, thanks to a significant exchange rate of the local currency against the US dollar. However, the increase in production costs, such as the price of steel sheets for the production of steel drums, the increase in internal transportation costs, and other factors that affect bitumen production will cause the price of bitumen in Iran to increase.
The average competition for VB among Iranian refiners was 65.6%, a significant increase compared to previous weeks.
It’s also worth noting that bitumen prices in India are expected to fall to $25 in early January 2023. Bulk bitumen prices in Singapore and South Korea reached around $500 and $380 respectively.
Bahrain bitumen traded unchanged at $375. In general, bitumen prices in 2022 are higher than in 2020 and 2021, but they have not yet been analyzed in terms of production and consumption.
In the hope of peace and freedom for all nations, we wish you a happy new year. Our team has been delighted to be with you for another year with our weekly reports.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy.