Increase demand and High Crude prices keep Bitumen prices strong
- Crude prices continued to flirt around 70$ on continuation of production cuts by OPEC + and expectations of demand recovery.
- Fuel oil prices also moved up along with Gas oil prices as demand picked up
- Global Bitumen prices remained strong as demand improved and few production constraints continued capping availability.
- India increased Bitumen prices by around 6.5 $ as the country enters peak Road Construction period. The prices in Mumbai was also corrected upwards by around 20$ to bring it in line with other Refineries in the country.
- Singapore prices remained strong so did China and other markets in the region.
- Iran prices remained strong with VB prices moving up and the local currency getting stronger.
- The new year holidays in Iran and issues facing shipping affected exports resulting in some shortages of Imported packed Bitumen in Indian markets.
- Prices are expected to remain strong on higher crude prices and strong demand.