WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jul 23 2023
- Category: News
- Published: Monday, 16 October 2023 09:16
- Written by Super User
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Last week 143,000 MT VB were supplied in IME, close to the previous week, 340,000 MT demand were registered. In prior week, the supply rate declined by 7,000 MT clearly the whole amount was sold and weekly VB’s fluctuation rate was from 0.7% to 8.6%. Due to reduced output volumes from Bandar Abbas re- finery, the amount of offers has declined. Furthermore, VB from Abadan refinery increased the most by 8.6% and the ratio between VB’s close price and IME’s ex- port bitumen stayed at 90%, also VB’s average value in Free Market USD was assessed at 284$. In addition, VB’s value in the Center of Exchange Dollar has reached 336$, which demonstrates 15$ soar in comparison to the week before.
Supplies in IME’s export market were around 48,000 MT and they were 4,800 MT less than the prior month’s average. Due to offers from Tabriz, Arak, Abadan Pas- argad Oil, and Pars Behin Qeshm Oil total amount of supplies was increased. For this amount of outputs, 77,800 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 the published date, the bargained equivalent rates for Isfahan Jey Oil Bulk and Drum Bitumen were 319$ and 375$ respectively. Price for Bandar Abbas Pasargad Oil Bulk Bitumen was 303$. Furthermore, the rate for Tabriz and Abadan Pasargad Oil was 303$ and Pars Behin Qeshm Oil Bitumen was assessed at 315$.
Pasargad Oil Company’s annual general meeting was held at Jul 19. During this meet- ing, the firm’s CEO emphasized achieving 1,600,000 MT in production. He added, in the last winter with the natural gas shortage, most of the firms produced fuel oil, as a result, the company faced VB shortage and it had an impact on outputs. The CEO also mentioned that the firm is aiming to sell energy via IME and it is under process.
Meetings for Isfahan and Bandar Abbas were held in the previous week and both companies highlighted the importance of refinement firms’ demands from NIORDC. In Bandar Abbas refinery meeting it was announced that NIORDC should pay 240,000 billion IRR but its’ funds are blocked. In this situation, projects will not execute and a 5% government discount would be canceled.