WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jun 25 2023
- Category: News
- Published: Monday, 16 October 2023 08:15
- Written by Super User
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Last week 115,000 MT VB were supplied in IME, by 12% increase, 284,000 MT demand were registered. In prior week, the supply rate soared by 34,000 MT clearly the whole amount was sold and weekly VB’s fluctuation rate was from 1.7%- to 50%. Due to declined outputs amount from all refineries and supply lackluster from Tabriz refinery, the amount of offers have decreased. Furthermore, VB close price and IME’s export bitumen ratio reached 86%, also VB’s average value in Free Market USD assessed at 225$. In addition, VB’s value in the Center of Exchange Dollar Bill have reached 259$, showing a rise by 7$ in comparison to prior week.
Supplies in IME’s export market were around 116,000 MT and they were 69,000 MT more than the average of prior month. Due to offers from all giant refineries, total amount of supplies were soared. For this amount of outputs, 138,350 MT demand were registered and as demand was more than supplies, all of them were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rates for Isfahan and Bandar Abbas Jey Oil Bulk Bitumen were 255$ and 272$ respectively. Furthermore, the rate for Jey Oil Drum Bitumen was 328$. Prices for Bandar Abbas and Abadan Pasargad Oil were 286$ and 271$ respectively.
In prior week, the financial statement of Pasargad Oil was published. According to the statement, firm’s profitability soared by 150% and led to an eye-catching demand for the company’s shares in the stock market. The net profit of the firm increased from 5,175 to 12,886 billion IRR, on the other hand, sales amount were only increased by 71%. Increased bitumen prices in the second half of last year was one of the main reasons. In addition, the statement demonstrates that domestic sales were reached 577,000 MT from 257,000 MT and export sales declined a bit to 732,000 MT from 741,000 MT, showing that the main part of outputs were sold in domestic market.
During last week, the financial statement of Hormoz Pasargad Company was published and it demonstrates that the firm branches do about 5% of Pasargad sales. In last year, the company sold 39,000 MT of bitumen worth 4,250 billion IRR.
The government spokesperson in response to “free-bitumen” plan, which presented by the parliament said, “As the government has no financial sources for this plan, we are not able to specify that amount of bitumen.