WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jun 04 2023
- Category: News
- Published: Saturday, 14 October 2023 13:01
- Written by Super User
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Last week 134,000 MT VB were supplied in IME, by 53% increase 253,655 MT demand were registered. In prior week, the supply rate rose by 61,000 MT clearly the whole amount was sold and statistically fluctuation trend was from 0.2%- to 13%-. Due to outputs from Abadan and Bandar Abbas refineries, the amount of offers have soared and Arak VB with 13% decreased the most. Furthermore, VB close price and IME’s export bitumen ratio reached 78%, also VB’s average value in Free Market USD assessed at 275$. In addition, VB’s value in the Center of Exchange Dollar Bill have reached 227$.
Supplies in IME’s export market were around 42,000 MT, although it was 14,600 MT less than the monthly average of prior month. Due to halted offers from Bandar Abbas Jey Oil total amount of supplies declined. For this amount of outputs, 30,400 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 Jey Oil Bulk and Drum Bitumen were 291$ and 351$ respectively. In addition, Bandar Abbas Jey Oil Bulk and Drum Bitumen were traded at 292$ and 363$. Also, Arak Pasargad Oil Bulk Bitumen was 285$.
The deputy minister of petroleum in refinement and distribution of petroleum products affairs said “According to quality-improvement program of petroleum products, the production percentage of fuel oil is supposed to decrease and it will specify to gasoline.” He added, “45 to 46 million liters of fuel oil is now producing at all refineries and it requires a management, the program has been executed in Arak refinery and the share of fuel oil was plunged from 28% to below 10%.”
An agreement was signed between Ports and maritime organization and National oil refining and distribution company. According to the agreement, “While the National oil refining and distribution company is using jetties No. 3 and 4, maintenance of jetties No. 1 and 2 in Shahid Rajaei Complex include upgradation of facilities and piping will be done.