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Crude prices climbed after after a period of weakness.However the fear of Omicron spread continued as WHO confirmed its spreading faster than Delta variant
Global Bitumen prices continued to be weak in line with the fall in Crude and Fuel Oil prices.
South east markets like Singapore and China reported fewer demand even after the prices were down.
Markets Expect demand to be weak as winter would lead to suspension of construction activities.
Iran prices were weak but managed to stabilize as traders put up a brave front by maintaining prices at same levels.But buyers were at the sidelines waiting for price to stabilize.
India Refiners reduced prices by $40 last week and expect to do a similar reduction on the 1st of January 22.
Indian importers were holding stocks as demand fell due to the acute winter in North.
Also delay in the release of state funds for contractors led to drop in demand
The situation is expected to improve only in the second half of coming month.
Bitumen prices trying to stabilize at present levels while Crude turns volatile
Date: 15 Dec,2021
Crude oil prices dropped to $74 a barrel as IEA reported that the new variant Omicron will effect global demand.
Many Countries were reported to have reintroduced restrictions which are affecting sentiments towards markets.
Singapore and China Bitumen prices were weak in line with Global prices. Spread of COVID in some areas of China hurt future outlook OD the markets.
Iran prices which saw a major fall last week tried to stabilize at present levels.The drop in the VB prices with a weak currency was offset with Increased competition on the IME .
Indian markets we’re affected by rains in the south west region and severe winter in the North.
Importers of bulk were holding on to the stocks as demand fell and open market prices fell.
Indian Refiners are expected to drop prices by around $50 from this Thursday in line with fall in global prices.
Fall in Crude and FO prices continue to put pressure on Bitumen prices
Date: 09 Dec,2021
After falling from a high of $85/brl to a low of $69/brl due to threat of Virus Omicron spread. Crude oil recovered by nearly 2.5%.
Some further strengthening of prices are expected due to delay in the US Iran talks
Meanwhile Bitumen prices in the Middle East and South East Asian markets fell by nearly 20-30 $/ton in line with Crude oil and FO prices
Bitumen prices in Singapore turned weak with higher supplies and demand remaining weak.
Iran prices were also reported down after neighbouring Bahrain dropped prices by nearly $20 last week .
Prices are expected to stabilise in the coming days as Crude and FO prices move up. However a severe winter might stop Road Construction and lead to a fall in local demand
Indian market prices fell as traders increased discounts after news of fall in global prices and buyers stopped placing orders on the hope of better deals.
Weak Crude Oil lead to correction in Bitumen prices
Date: 01 Dec,2021
Crude prices continue to show weakness as threat of new variant virus Omicron spread continue
Equity markets also tumbled as there were doubts on the efficacy of COVID vaccines against the new variant.
However markets expects OPEC + to meet on 2nd December and take action to balance supplies and this might stabilise prices.
Meanwhile prices in Singapore China and south East Asian markets were reported a bit lower as supplies improved over a stagnant demand.
Iran prices saw some correction of around 5/10$ as sentiments turned weak inspite of tight supply of VB
The fall in prices were attributed to the fall in Crude prices and some weakening of the local currency.
Indian prices saw some correction of around 15/20$ in line with global prices.
Some new norms by local governments and shortages of Containers hit imports of packed Bitumen
Weak FO and Gas Oil prices put pressure on Bitumen prices
Date: 18 Nov,2021
Crude prices after a correction started to move up .A strong US $ and a US plan to release from strategic reserve is putting pressure on prices .
Market expects price to remain strong this winter as demand further improves.
Meanwhile FO and Gas oil prices were down on a week to week basis making some refineries to cut down Bitumen prices
Bahrain is supposed to have reduced prices by 20$/ ton
Even in Singapore and China prices were reported to be weak as supplies were better.
Iran prices had corrected last week but recovered a bit due to competition on the exchange.
Market expects prices to correct slightly in the near future
Indian Refiners increased prices by 57$ per ton effective 16th November’21
Demand in India is expected to further improve as many projects need to be completed before severe winter sets in January
Bitumen prices continue to touch near time highs,supported by stronger Asian demand
Date: 11 Nov,2021
Crude oil prices continue to remain strong even after a small correction due to high US inventories.
Markets await OPEC + meeting on the 4th November which may give direction to Crude prices.
Present indications from member countries of OPEC suggest no change in the present plans and with winter approaching fast experts believe the rally to continue .
Bitumen prices continue to be strong as Refiners increase prices and production shortages keep prices high in Southeast Asia and middle East regions.
The softening of Furnace Oil prices last week did not stop Bitumen prices from moving up .Market experts believe the prices to remain at present levels for the coming week.
Singapore prices were seen marginally getting stronger while in China prices remained stable.The demand was reported to be strong while production was slightly down.
Iran prices continue to be strong as local Refinery maintenance shutdowns led to limited availability of VB pushing prices up on the IME.
Iran prices are expected to remain strong till winter sets in next month suspending Road Construction activities.
The increase of GRI for containers to Nhava Sheva by $ 8/10 per ton is going to affect packed Bitumen to Mumbai as it will become difficult to compete with Bulk importers.
India Refiners increased bitumen prices around $60/ton to keep in line with global prices from 1st November’21.
However due to the present Diwali Holidays sales have dropped and expected to revive only after 8/10 days.
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