Strong Crude prices push up global Bitumen prices
- Crude prices continue to trade near yearly highs as production cuts by OPEC+ and US disruption in Crude Production supported prices.
- Fuel Oil prices did correct a bit but remained above 350$/t
- Global Bitumen prices moved up on an average 20/25$ per ton.
- However, some weakness was seen in Iran Bitumen prices due to exchange fluctuations and high stocks with few traders at the beginning of last week.
- Subsequently it has been corrected with prices moving up by 10/15$ per ton
- Bahrain also increased prices by 25$/ton • Demand in India has improved but with huge stocks of imported packed Bitumen local discounts touched all-time highs.
- Markets expects prices in India to drop on the 1st of Feb 21 by around Rs 600/ton (8$).
- Next 3/4 months are peak season for India and market expects imports to go up.