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.