In previous week, there was a supply of 186,000 (MT) of VB (Vacuum Bottom) in the Iran Mercantile Ex- change (IME), indicating a 4.19% increase compared to the preceding period. Concurrently, demand reached 360,000 MT during the same timeframe. In prior week, the supply rate had expanded by 15,000 MT, and this entire quantity had been successfully sold. The weekly fluctuation rate of VB’s value ranged from -4.1% to 6.4%. These supply-demand dynamics can be attribut- ed in part to heightened output volumes from the Ta- briz and Isfahan refineries. Notably, the Tabriz refinery observed the most significant increase of 6.4% in VB supply. The ratio between the closing price of VB and IME’s export bitumen was noted to be 85%. Turning to pricing, the average value of VB in the Free Market USD was evaluated at $286. Additionally, the value of VB in the Center of Exchange Dollar reached $342.

In the context of the IME’s export market, approx- imately 54,000 metric tons (MT) of supplies were available, which marked an increase of 4,400 MT in comparison to the preceding month’s average. This rise in supply was attributed to offers from Abadan, Arak Pasargad Oil, and Bandar Abbas Pasargad Oil Drum Bitumen. However, despite the increased sup- ply, the total amount of supplies exceeded the regis- tered demand of 50,240 MT, resulting in not all of the offers being traded. Considering the exchange rate between the free market U.S. Dollar (USD) and the Iranian Rial (IRR) on the published date, the negoti- ated equivalent rate for Isfahan Jey Oil Bulk Bitumen was estimated to be in the range of $336 to $339. The price for Bandar Abbas Pasargad Oil Bulk Bitumen was set at $345. Additionally, the rates for Abadan and Arak Pasargad Oil were $311 and $340 respectively.

Pasargad Oil Company has reported a significant boost in its operating profit for the first quarter (Q1) attributed to several key factors. Notably, a substan- tial 27% increase in sales played a pivotal role in driving this growth. Additionally, the company’s de- cision to purchase offset bitumen, along with main- taining a reasonable inventory price, contributed to the overall increase in profitability. Another signifi- cant factor was the substantial 40% rise in sales pric- es, which further augmented the positive financial outcome. The confluence of these factors indicates a well-rounded approach to managing the compa- ny’s operations. The increase in sales is indicative of growing market demand or successful sales strate- gies. Purchasing offset bitumen and managing inven- tory costs efficiently reflect prudent financial manage- ment. Moreover, the implementation of higher sales prices suggests that the company was able to navigate market conditions effectively to maximize revenue.

During the second Iran Bitumen Industry Confer- ence, the head of IRBAS emphasized Iran’s favor- able position in the production of bitumen on both regional and global scales. Additionally, he noted that the export of this product generates an approx- imate value added of $2 billion. The Deputy Min- ister of Roads and Urban Development also joined the conversation, expressing the need to support bitumen producers. He urged the parliament to consider substituting offset bitumen with monetary compensation or credit for producers, aiming to fa- cilitate their operations. Furthermore, Mr. Mir Taj Al-Dini, the Representative of the Islamic Council, revealed that around 200,000 billion Iranian Rials (IRR) were allocated to bitumen. With the inclusion of offset bitumen, the total amount allocated would be 2,000,000 metric tons (MT). However, due to an increase in bitumen prices, this total allocation would be adjusted downward to 1,300,000 MT

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During the previous week, the Iran Mercantile Ex- change (IME) recorded the introduction of 182,000 metric tons (MT) of Vacuum Bottom (VB) while wit- nessing demand registrations totaling 361,000 MT. This contrasts with the preceding week, during which the supply experienced a reduction of 4,000 MT. No- tably, the entirety of the supplied VB was successful- ly traded, and the price fluctuation rate for the week ranged from a low of 7.2% to a high of 3.1%. The decrease in output volumes from the Tabriz and Teh- ran refineries contributed to a decline in the number of available offers in the market. In contrast, VB orig- inating from the Arak refinery saw a noteworthy 3.1% increase in its price. The ratio between the closing price of VB and IME’s export bitumen price reached 91%, highlighting the interplay of various market dy- namics. In terms of pricing, the average value of VB in the Free Market USD was evaluated at $290. More- over, VB’s valuation within the Center of Exchange Dollar reached $345, underscoring the significance of currency fluctuations in influencing market trends.

Supplies within the IME’s export market reached ap- proximately 84,500 metric tons (MT), marking a no- table increase of 33,100 MT compared to the average of the previous month. This surge in supply can be at- tributed to contributions from Pars Behin Qeshm Oil, Isfahan Jey Oil Drum Bitumen, and Arak Pasargad Oil, collectively contributing to the heightened supply vol- ume. Despite this influx of supplies, demand registra- tions amounted to 71,500 MT. However, given that the demand fell short of the supplies, not all of the offers were traded. Factoring in the exchange rate between the free market USD and Iranian Rial (IRR) at the pub- lished date, the negotiated equivalent rate for Isfahan Jey Oil Drum Bitumen stood at $381. The pricing for Tabriz, Tehran, and Arak Pasargad Oil Bulk Bitumen was set at $340 per MT. Additionally, the rate for Pars Behin Qeshm Oil was established at $302 per MT.

The Iran Export Confederation has declared that importing a commodity as a consequence of an ex- port transaction remains a viable method for fulfill- ing foreign exchange obligations. As outlined by the confederation, due to the suspension of com- mercial licenses and the repatriation of less than 60% of export revenues to the country, the central bank’s foreign currency working group has imple- mented a measure. This measure allows exporters, under the condition of providing a notarized com- mitment, to engage in importing goods subsequent to completing an export. This action effectively lifts the suspension of their commercial licenses.

As per data released by Kpler, Iran’s crude oil ex- ports to China are anticipated to surge to their high- est point in a decade, reaching a daily volume of 1.5 million barrels. This significant increase in ex- port volume signals a remarkable milestone in the trade relationship between the two nations. Addi- tionally, according to Bloomberg reports, there has been a reduction in the import of crude mixtures along with bitumen to China. This reduction is at- tributed to the streamlining of customs operations, which has likely impacted the import dynamics of this specific commodity blend. The boost in Iran’s crude oil exports to China underscores the evolving dynamics in global energy markets and the chang- ing patterns of international trade relationships. Meanwhile, the shift in the import dynamics of crude mixtures with bitumen highlights the intri- cate balance between regulatory measures, customs procedures, and trade flows in the energy sector.

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In the past week, a supply of 105,000 metric tons (MT) of VB (Vacuum Bottom) was made available in the IME (Iran Mercantile Exchange) market. This coincided with a demand of 189,000 MT being reg- istered. Comparing this to the prior week, there was a 44% reduction in the supply rate, although the en- tire available quantity was successfully sold. The weekly fluctuation in VB’s price was observed to range from 3.8-% to 0.2-%. The decrease in supply was influenced by halted outputs from several refin- eries including Tehran, Shiraz, Abadan, and Tabriz. This reduction in supply contributed to shifts in the market dynamics. Particularly, the Arak refinery’s VB experienced the most significant decrease at 3.8%. The ratio between the closing price of VB and the IME’s export bitumen stood at 85%. In terms of val- uation, the average value of VB in the Free Market USD was evaluated at $286. Additionally, the value of VB in the Center of Exchange Dollar reached $342.

Supplies in the IME’s export market reached approxi- mately 93,000 metric tons (MT), indicating an increase of 31,300 MT in comparison to the average volume of the preceding month. This rise in supply was a result of contributions from Bandar Abbas Jey Oil, Bandar Abbas, Abadan, and Tabriz Pasargad Oil, collectively leading to a notable augmentation in the overall sup- ply quantity. In response to this heightened supply, there was a recorded demand of 85,100 MT. With de- mand surpassing the available supply, all of the of- fered quantities were successfully traded. Taking into account the prevailing exchange rate between the free market USD and Iranian Rial (IRR), the negotiated equivalent rate for Isfahan Jey Oil Bulk Bitumen was estimated to fall within the range of 322 to 327$. The price for Bandar Abbas Pasargad Oil Bulk Bitumen was set at 328$. Additionally, the prices for Jey Oil and Bandar Abbas Pasargad Oil drum bitumen were estab- lished at 398$ and 383$, respectively. Moreover, the rate for Pars Behin Qeshm Oil stood at 303$ per MT.