WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jun 11 2023
- Category: News
- Published: Saturday, 14 October 2023 13:14
- Written by Super User
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Last week 30,000 MT VB were supplied in IME, by 78% decrease 56,100 MT demand were registered. In prior week, the supply rate plunged by 104,000 MT clearly the whole amount was sold. Bandar Abbas refinery was the only supplier and close price for its VB decreased 5.8%. Due to halted outputs from all refineries except Bandar Abbas, the amount of offers have declined. Furthermore, VB close price and IME’s export bitumen ratio reached 83%, also VB’s average value in Free Market USD assessed at 235$. In addition, VB’s value in the Center of Exchange Dollar Bill have reached 275$.
Supplies in IME’s export market were around 15,000 MT, although it was 39,800 MT less than the monthly average of prior month. Due to halted offers from all refineries except Pars Behin Qeshm Oil total amount of supplies declined. For this amount of outputs, 10,000 MT demand were registered and as demand was weak, only supplies from Pars Behin Qeshm Oil were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Pars Behin Qeshm Oil was 284$.
Tabriz Oil Refinery Co. announced on Codal platform that, “due to maintenance under process in facilities, the sales amount of the firm have reduced and now it is in final steps.”
In prior week, financial statement of Soroush Bitumen firm, which is a subset of Pasargad Oil Co., was published. In the statement, the firm mentioned, “due to policies and objectives of Pasargad Oil in order to absorb more sales share in the market, Soroush Bitumen was accepted as a buyer in IME. The amount of commercial operations of the company have increased considerably and purchasing bitumen from Pasargad Oil will be based on IME price. (2,439 MT equivalent to 266 billion IRR in cash and 37,629 MT equivalent to 4,197 billion IRR in LC from IME with 1.75% monthly commission.