WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: May 07 2023
- Category: News
- Published: Saturday, 14 October 2023 10:08
- Written by Super User
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Last week 78,000 MT VB were supplied in IME, by 24% decrease 144,000 MT demand were registered. In prior week, the supply rate was declined by 32,000 MT clearly the whole amount was sold and statistically fluctuation trend was from -4.6% to -3.4%. Due to halted outputs from Tabriz and Bandar Abbas refineries, the amount of offers have decreased and Arak VB with 4.6% 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 311$. (Minus taxes and other fees)
Supplies in IME’s export market were around 72,000 MT, although it was 24,800 MT more than the monthly average of prior month and totally, it demonstrates soaring in outputs. Offers from all refineries was the main reason. For this amount of outputs, 107,840 MT demand were registered and all offers were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Isfahan Jey Oil Bulk Bitumen was 316$, Bandar Abbas Jey Oil Bulk Bitumen was 332$ and Abadan Pasargad Oil Bulk Bitumen was 332$. In addition, Pars Behin Qeshm Oil outputs were 299$.
Several ways of supplying cost-free bitumen for country’s construction projects have discussed in Construction Commission of the Islamic Council. Vice Chairman of the Commission mentioned that, “According to The Supreme Supervisory Board of the Expediency Discernment Council’s reformation, it was decided that earnings by selling VB should deposit to treasury and 200,000 billion IRR will be distribute among parts of the system. After that, they will attempt to produce bitumen, which leads to soaring prices in IME. As a result, in order to reform this subject, it was decided that a meeting with board of supervisors should hold, and council’s enactment be implemented in the budget act.”
Monthly statement report of Pasargad Oil Company demonstrated that, the amount of firm’s sales in domestic and export market was 42,296 MT and 55,682 MT respectively, which is an indication of considerable rise in comparison to prior year.
According to the Central Bank’s General Relations “Dr. Mohammadreza Farzin mentioned that In order to manage unofficial foreign currency market in a more efficient way, from now on purchase currency in free market before allocation is forbidden and without my permission no allocation is allowed