WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: May 28 2023
- Category: News
- Published: Saturday, 14 October 2023 12:20
- Written by Super User
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Last week 73,000 MT VB were supplied in IME, by 44% decrease 165,560 MT demand 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 13.2%- to 0.9%-. Due to halted outputs from Tabriz, Abadan and Bandar Abbas refineries, the amount of offers have decreased and Shiraz VB with 13.2% decreased the most. Furthermore, VB close price and IME’s export bitumen ratio reached 90%, also VB’s average value in Free Market USD assessed at 259$. In addition, VB’s value in the Center of Exchange Dollar Bill have reached 315$, except the prior week, VB’s value in Dollar Bill was 310$.
Supplies in IME’s export market were around 72,000 MT, although it was 16,200 MT less than the monthly average of prior month. Offers from all refineries was the main reason of soaring in supplies compare to prior week. For this amount of outputs, 53,120 MT demand were registered and as demand was weak, all supplies were not traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Isfahan and Bandar Abbas Jey Oil Bulk Bitumen were 298$ and 316$ respectively. In addition, Isfahan and Bandar Abbas Jey Oil Drum Bitumen were traded at 356$ and 361$.
The speaker of parliament provided an official letter to the president. In the manifest, he mentioned, “The management system of foreign currency in the country is buoyant. Determination a specific currency exchange rate by the central bank, as it is in contradiction with the law, is not acceptable and it is considered as breaking it.” This manifest was in a response to the council of ministers in order to determine an exchange rate for Oil and Petrochemical companies. Furthermore, in the manifest it has been mentioned that the rate in the Center of Exchange is for executive systems and they are not able to use Nima rate for their calculations as it is against the law.