Weekly Bitumen Report: Demand Increasing By Witnessing Higher Prices

Weekly Bitumen Report: Demand Increasing By Witnessing Higher Prices

Last week, the bitumen industry faced intense competition and the Rial gained strength against the dollar, resulting in higher prices. While these factors played a significant role in the price surge, other positive variables also contributed to the situation. Supply and demand dynamics have also shifted favorably. In a remarkable development, one of the key players in the Middle East bitumen market raised prices by $30 within a week, an uncommon occurrence. Surprisingly, the price hike is not expected to end soon, prompting traders to quickly secure their orders to avoid missing out on lower prices. Adding to the tension is the condition of crude oil, which is on an upward trajectory and may reach $86 in the next two weeks. The oil price has been fluctuating within the range of $71 to $86, leaving the market uncertain about its future direction. In the Middle East, the price of new steel drum bitumen falls in the range of $405 to $415, while bulk bitumen is priced at approximately $320 to $325. In Singapore, bulk bitumen is volatile, ranging from $450 to $455, and in South Korea, it currently stands at $400 to $405.