WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: April 30 2023
- Category: News
- Published: Sunday, 03 February 2019 09:48
- Written by Super User
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Last week 110,000 MT VB were supplied in IME, by 19% decrease 190,450MTdemand were registered. In prior week, the supply rate was declined by 27,000 MT clearly the whole amount was sold and statistically fluctuation trend was from -4% to 6.3%. Due to outputs from all refineries except Abadan, the amount of offers have decreased and Bandar Abbas refinery VB with 4% price reduction declined the most. Furthermore, VB close price and IME’s export bitumen ratio reached 85%, also VB’s average value in USD assessed at 350$.
Supplies in IME’s export market were around 51,000 MT, although it was 17,000 MT more than the monthly average of prior month but totally, it demonstrates reduction in outputs. Declined offers volume from Isfahan and Bandar Abbas Jey Oil were the main reasons. For this amount of outputs, 29,470 MT demand were registered and as demand was lower than supply, 40% of offers were not traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Isfahan Jey Oil Bulk Bitumen was 325$, Bandar Abbas Jey Oil Bulk Bitumen was 343$ and Abadan Pasargad Oil Bulk Bitumen was 322$. In addition, no trades were registered for Pars Behin Qeshm Oil. Apparently, demand lackluster was due to high bitumen base prices and it worth mentioning that all trades were done only on base prices.
Pasargad Oil Company has announced in its latest notice that “In order to increase outputs and to store 20,000 MT bitumen, facilitate the transfer and loading operation and resumption of outputs, bunkers construction project that was started since 2020-21 which, consists of 4 bunkers with 5,000 MT capacity each worth 122 billion IRR has come into operation phase.”
According to latest report published by the Central Bank “Point-to- point equity growth in Iran since Jan. 23 was 32% and this amount was 38% in prior year. However, monetary base increase was 39% which demonstrates soar in comparison to 33% in prior year.