WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jul 16 2023
- Category: News
- Published: Monday, 16 October 2023 09:08
- Written by Super User
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Last week 150,000 MT VB were supplied in IME, by 11% increase, 340,000 MT de- mand were registered. In the prior week, the supply rate soared by 7,000 MT clearly the whole amount was sold and weekly VB’s fluctuation rate was from 0.9% to 14%. Due to increased output volume from Tehran, Bandar Abbas, Isfahan, and Arak re- fineries, the amount of offers has increased. Furthermore, VB from Isfahan refinery increased the most by 14% and the ratio between VB’s close price and IME’s export bitumen reached 90%, also VB’s average value in Free Market USD was assessed at 269$. In addition, VB’s value in the Center of Exchange Dollar has reached 323$. VB’s average price base on the Free Market Dollar demonstrates a 30$ increase.
Supplies in IME’s export market were around 40,000 MT and they were 7,800 MT less than the average of the prior month. Due to halted offers from Bandar Ab- bas Jey Oil and demand lackluster for Bandar Abbas Pasargad Oil Drum Bitumen, Abadan, Tehran, Tabriz, and Arak Pasargad Oil total amount of supplies were de- clined. For this amount of outputs, 36,230 MT demand was registered, and as it was less than supplies, not all of them were traded. Considering the free market USD to IRR exchange rate, at the published date, the bargained equivalent rates for Is- fahan Jey Oil Bulk Bitumen were 292$ and 309$. Prices for Isfahan Jey Oil Drum Bitumen was 359$. Furthermore, the rate for Bandar Abbas Pasargad Oil was 301$.
According to the latest Currency Committee enactment, the deadline for clearing foreign currency commitments in 2022-23 was extended to the end of Aug-Sep. During this period, exporters attempting to clear their commitments will be in- cluded in tax exemptions. Before this, the deadline was by the end of June-July.
The head of Qeshm free-zone customs said, “The first heavy ship docked at Harra pier to get loaded and export 45,000 MT of bitumen to China.