Weekly Bitumen News
- Bulk bitumen prices in Iran rose by $6.5/t last week amid high volatility in exchange rate as well as vacuum bottom (VB) feedstock prices. Drum prices rose in tandem by $3/t last week.
- Deals for bulk cargoes were seen between $365-386/t fob Iran, while drummed parcels were sold mostly in the $410-435/t fob range.
- Demand from India continued to be firm, with overall consumption finally entering a peak period, which has resulted in a surge in imports in recent weeks.
- In Iraq, offers for drummed cargoes from key refiners were at about $410/t fob levels.
- Bahrain’s listed seaborne prices on a fob Sitra basis were unchanged at $425/t.
- In Singapore, seaborne prices fell by $10/t from the prior week on the back of expectations of weaker fundamentals in mid-to-late December. Prices on a fob South Korea basis slipped by $2.5/t on a week-on-week basis.
Asia midday crude futures: Ice Brent rises
Singapore, 14 November (Argus) — Ice Brent crude futures rose in early Asian trading on 14 November, with the prospect of oil demand continuing to outpace supply as China eases its zero-Covid restrictions.
At 04:00 GMT, the Ice front-month January Brent contract was at $96.28/bl, up by 29¢/bl from its settlement on 11 November when the contract ended $2.32/bl higher.
China’s peak bitumen consumption season eases
Singapore, 3 November (Argus) — China’s domestic bitumen prices are sliding to multi-month lows because of the end of the country’s road paving season and increases in output, although the pace of retreat is expected by market participants to be offset by relatively low inventories.
Bitumen loading operations resume at Augusta
London, 10 November (Argus) — Bitumen tanker loading operations are resuming at Algerian state-owned Sonatrach’s terminal on Sicily, Italy, after a five-day halt caused by unspecified technical issues.
Thessaloniki bitumen supply slow after refinery restart
London, 9 November (Argus) — Buyers expect normal bitumen truck supply from Greek refiner Hellenic Petroleum’s 66,500 b/d Thessaloniki refinery to resume next week, after the facility restarted from a lengthy turnaround on 7 November.