WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jul 02 2023
- Category: News
- Published: Monday, 16 October 2023 08:36
- Written by Super User
- Hits: 99
Last week 131,000 MT VB were supplied in IME, by 2.9% increase, 292,000 MT demand were registered. Outputs offered by 390,000 IRR/USD rate in Jun 25 did not have any de- mand registered, on the other hand, supplies in Jun 27, which were based on 285,000 IRR/ USD rate traded completely. In prior week, the supply rate soared by 16,000 MT clearly the whole amount was sold and weekly VB’s fluctuation rate was from 3.7%- to 14.9%. Due to increase in outputs amount from all refineries and supplies from Tabriz refinery, the amount of offers have increased. Furthermore, VB from Tehran refinery declined the most by 3.7% and ratio between VB close price and IME’s export bitumen reached 89%, also VB’s av- erage value in Free Market USD assessed at 244$. In addition, VB’s value in the Center of Exchange Dollar have reached 289$, showing a rise by 20$ in comparison to prior week.
Supplies in IME’s export market were around 10,000 MT and they were 52,600 MT less than the average of prior month. Due to offers only from Pasargad Oil Company, total amount of supplies were declined. For this amount of outputs, 15,200 MT demand were registered and as it was more than supplies, all of them were traded. Considering the free market USD to IRR ex- change rate, at published date, the bargained equivalent rates for Abadan and Tabriz Pasargad Oil were 271$ and 282$ respectively. Furthermore, the rate for Arak Pasargad Oil was 275$.
In an amendment, ORICA revised the dollar rate for oil products base prices to 285,000 IRR. Although, two days before, in a letter the association mentioned that the dollar equivalent for oil products calculations was increased to 379,630 IRR.
The financial statement of Pasargad Oil was published in last week. The statement demonstrate that domestic and export sales of the firm were declined. During May- Jun, the firm sold 67,000 MT of bitumen in both domestic and foreign markets, al- though in Apr-May the mentioned amount was 105,000 MT. As the export bitumen price was in its’ peak during Apr-May, sales amount of the company were on high- er levels and as the bitumen price began the bearish trend, sales amount also decreased