WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: May 07 2023

  • Last week 78,000 MT VB were supplied in IME, by 24% decrease 144,000 MT demand were registered. In prior week, the supply rate was declined by 32,000 MT clearly the whole amount was sold and statistically fluctuation trend was from -4.6% to -3.4%. Due to halted outputs from Tabriz and Bandar Abbas refineries, the amount of offers have decreased and Arak VB with 4.6% price reduction declined the most. Furthermore, VB close price and IME’s export bitumen ratio reached 85%, also VB’s average value in USD assessed at 311$. (Minus taxes and other fees)

  • Supplies in IME’s export market were around 72,000 MT, although it was 24,800 MT more than the monthly average of prior month and totally, it demonstrates soaring in outputs. Offers from all refineries was the main reason. For this amount of outputs, 107,840 MT demand were registered and all offers were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Isfahan Jey Oil Bulk Bitumen was 316$, Bandar Abbas Jey Oil Bulk Bitumen was 332$ and Abadan Pasargad Oil Bulk Bitumen was 332$. In addition, Pars Behin Qeshm Oil outputs were 299$.

  • Several ways of supplying cost-free bitumen for country’s construction projects have discussed in Construction Commission of the Islamic Council. Vice Chairman of the Commission mentioned that, “According to The Supreme Supervisory Board of the Expediency Discernment Council’s reformation, it was decided that earnings by selling VB should deposit to treasury and 200,000 billion IRR will be distribute among parts of the system. After that, they will attempt to produce bitumen, which leads to soaring prices in IME. As a result, in order to reform this subject, it was decided that a meeting with board of supervisors should hold, and council’s enactment be implemented in the budget act.”

  • Monthly statement report of Pasargad Oil Company demonstrated that, the amount of firm’s sales in domestic and export market was 42,296 MT and 55,682 MT respectively, which is an indication of considerable rise in comparison to prior year.

  • According to the Central Bank’s General Relations “Dr. Mohammadreza Farzin mentioned that In order to manage unofficial foreign currency market in a more efficient way, from now on purchase currency in free market before allocation is forbidden and without my permission no allocation is allowed

     

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WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: May 21 2023

  • Last week 100,000 MT VB were supplied in IME, by 47% increase 292,000 MT demand were registered. In prior week, the supply rate was declined by 33,000 MT clearly the whole amount was sold and statistically fluctuation trend was from 11.9% to 68.2%. Due to halted outputs from Tehran refinery, the amount of offers have decreased and Abadan VB with 68.2% increased the most. Furthermore, VB close price and IME’s export bitumen ratio reached 83%, also VB’s average value in Free Market USD assessed at 259$. In addition, VB’s value in Dollar Bill have reached 310$. (Minus taxes and other fees)

  • Supplies in IME’s export market were around 38,000 MT, although it was 19,000 MT less than the monthly average of prior month and totally, it demonstrates declining in outputs. Halted offers from Bandar Abbas, Abadan, Tabriz Pasargad Oil and Pars Behin Qeshm Oil were the main reasons. For this amount of outputs, 41,100 MT demand were registered and all offers were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Bandar Abbas Jey Oil Bulk Bitumen was 326$ and Bandar Abbas Pasargad Oil Drum Bitumen was 368$. In addition, Abadan Pasargad Oil Bulk Bitumen output was 296$.

  • Isfahan Oil Refinery firm have published its financial statement for 2022-23, which demonstrated operation revenues and net profit were increased 50% and 131% respectively. In addition, the statement showed that gross profit from VB sales has reached 43,000 billion IRR and experienced 300% increase; mentioned value is forming 10% of the net profit. Soaring in gross profit was because of a profit margin increase in producing VB.

  • The central bank’s chairman announced “Foreign currency market is consists of several participants such as exporters, importers and exchanges, all mentioned participants should obey the laws of country’s foreign currency market. Therefore, we are following up these items on supply side and fortunately, government is cooperating as well.” He added, “285,000 IRR dollar is coming from oil sales revenues and it is completely different form 420,000 IRR dollar.”

  • Iran’s oil minister, Javad Owji, mentioned that, “Iran has the highest levels of oil and gas resources in the world, the amount of mentioned resources are 154 billion barrels and 33 trillion cubic meters.” He added, “As the government’s attempts in producing oil, gas and other products were positive, we achieved the capacity of producing 3 million barrels of oil, 1 billion cubic meters of gas, 2.4 million liters of refining products and 95 million MT of petrochemicals. In addition, in prior year several incomplete oil projects worth above 12 billion

    dollars came into operation phase that had a direct impact on country’s economic growth.”

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WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: May 28 2023

  • Last week 73,000 MT VB were supplied in IME, by 44% decrease 165,560 MT demand were registered. In prior week, the supply rate was declined by 27,000 MT clearly the whole amount was sold and statistically fluctuation trend was from 13.2%- to 0.9%-. Due to halted outputs from Tabriz, Abadan and Bandar Abbas refineries, the amount of offers have decreased and Shiraz VB with 13.2% decreased the most. Furthermore, VB close price and IME’s export bitumen ratio reached 90%, also VB’s average value in Free Market USD assessed at 259$. In addition, VB’s value in the Center of Exchange Dollar Bill have reached 315$, except the prior week, VB’s value in Dollar Bill was 310$.

  • Supplies in IME’s export market were around 72,000 MT, although it was 16,200 MT less than the monthly average of prior month. Offers from all refineries was the main reason of soaring in supplies compare to prior week. For this amount of outputs, 53,120 MT demand were registered and as demand was weak, all supplies were not traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Isfahan and Bandar Abbas Jey Oil Bulk Bitumen were 298$ and 316$ respectively. In addition, Isfahan and Bandar Abbas Jey Oil Drum Bitumen were traded at 356$ and 361$.

  • The speaker of parliament provided an official letter to the president. In the manifest, he mentioned, “The management system of foreign currency in the country is buoyant. Determination a specific currency exchange rate by the central bank, as it is in contradiction with the law, is not acceptable and it is considered as breaking it.” This manifest was in a response to the council of ministers in order to determine an exchange rate for Oil and Petrochemical companies. Furthermore, in the manifest it has been mentioned that the rate in the Center of Exchange is for executive systems and they are not able to use Nima rate for their calculations as it is against the law.

     

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WEEKLY REVIEW OF BITUMEN MARKET IN THE WORLD Date: Jun 04 2023

  • Last week 134,000 MT VB were supplied in IME, by 53% increase 253,655 MT demand were registered. In prior week, the supply rate rose by 61,000 MT clearly the whole amount was sold and statistically fluctuation trend was from 0.2%- to 13%-. Due to outputs from Abadan and Bandar Abbas refineries, the amount of offers have soared and Arak VB with 13% decreased the most. Furthermore, VB close price and IME’s export bitumen ratio reached 78%, also VB’s average value in Free Market USD assessed at 275$. In addition, VB’s value in the Center of Exchange Dollar Bill have reached 227$.

  • Supplies in IME’s export market were around 42,000 MT, although it was 14,600 MT less than the monthly average of prior month. Due to halted offers from Bandar Abbas Jey Oil total amount of supplies declined. For this amount of outputs, 30,400 MT demand were registered and as demand was weak, all supplies were not traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rate for Isfahan Jey Oil Bulk and Drum Bitumen were 291$ and 351$ respectively. In addition, Bandar Abbas Jey Oil Bulk and Drum Bitumen were traded at 292$ and 363$. Also, Arak Pasargad Oil Bulk Bitumen was 285$.

  • The deputy minister of petroleum in refinement and distribution of petroleum products affairs said “According to quality-improvement program of petroleum products, the production percentage of fuel oil is supposed to decrease and it will specify to gasoline.” He added, “45 to 46 million liters of fuel oil is now producing at all refineries and it requires a management, the program has been executed in Arak refinery and the share of fuel oil was plunged from 28% to below 10%.”

  • An agreement was signed between Ports and maritime organization and National oil refining and distribution company. According to the agreement, “While the National oil refining and distribution company is using jetties No. 3 and 4, maintenance of jetties No. 1 and 2 in Shahid Rajaei Complex include upgradation of facilities and piping will be done.

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