Global Bitumen prices remain strong but Indian Refiners drop prices
• Global Bitumen prices remained strong as Crude and FO prices continued to move up.
• Chinese markets opened after lunar holidays and Singapore supply position did not change much while demand in India improved.
• A sudden drop by 20$/mt in prices by Mumbai based Refiners took markets by surprise, to add to this there was a further over all drop of around 8$ in all India Bitumen prices.
• This price revision did affect import sentiments and traders slowed imports.
• Markets expects this to be a temporary phenomenon and imports are expected to rise again.
• There has been some competition between bulk and packed importers resulting in high discounts of above Rs 8000 (110$/mt)
• Iran Bitumen prices expected to remain high as Crude and local currency gets stronger.
• We expect Bitumen prices to remain strong as there is no relaxation in forward movement of FO and Crude prices.