Bitumen FOB Price in December 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 420-425$ | 415-420$ | 410-415$ | 405-408$ |
| Bitumen 80/100 Pasargad Embossed | 420-425$ | 415-420$ | 410-415$ | 405-408$ |
| Bitumen 60/70 Private Factory | 405-410$ | 395-405$ | 390-400$ | 380-390$ |
| Bitumen 80/100 Private Factory | 405-410$ | 395-405$ | 390-400$ | 380-390$ |
| VG Grades | 408-413$ | 398-408$ | 393-403$ | 383-393$ |
| Bitumen 60/70 Jumbo Bag | 395-400$ | 385-395$ | 380-390$ | 370-380$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 348-350$ | 350-355$ | 358-362$ | 340-345$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 395-397$ | 412-415$ | 412-415$ | 410-412$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 430-435$ | 431-440$ | 425-432$ | 427-432$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 395-397$ | 395-397$ | 395-397$ | 395-397$ |
| European Bulk Range | 465$-475$ | 415-450$ | 410-430$ | 410-430$ |
Bitumen FOB Price in November 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 380-385$ | 385-390$ | 425-430$ | 420-425$ |
| Bitumen 80/100 Pasargad Embossed | 380-385$ | 385-390$ | 425-430$ | 420-425$ |
| Bitumen 60/70 Private Factory | 370-375$ | 372-377$ | 415-420$ | 410-415$ |
| Bitumen 80/100 Private Factory | 370-375$ | 372-377$ | 415-420$ | 410-415$ |
| VG Grades | 373-378$ | 375-379$ | 418-423$ | 413-428$ |
| Bitumen 60/70 Jumbo Bag | 358-362$ | 360-365$ | 407-412$ | 400-405$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 300-305$ | 316-321$ | 329-334$ | 330-335$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 435-440$ | 430-435$ | 425-430$ | 425-430$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 480-485$ | 460-465$ | 455-460$ | 455-460$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 395-397$ | 395-397$ | 395-397$ | 395-397$ |
| European Bulk Range | 440-500$ | 450-500$ | 440-490$ | 430-490$ |
Bitumen FOB Price in October 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 370-375$ | 370-375$ | 375-380$ | 370-375$ |
| Bitumen 80/100 Pasargad Embossed | 370-375$ | 370-375$ | 375-380$ | 370-375$ |
| Bitumen 60/70 Private Factory | 365-370$ | 365-370$ | 370-375$ | 365-370$ |
| Bitumen 80/100 Private Factory | 365-370$ | 365-370$ | 370-375$ | 365-370$ |
| VG Grades | 368-373$ | 368-373$ | 373-378$ | 368-373$ |
| Bitumen 60/70 Jumbo Bag | 355-360$ | 355-360$ | 360-365$ | 355-360$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 296-302$ | 296-302$ | 295-302$ | 296-302$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 435-440$ | 435-440$ | 440-445$ | 440-445$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 530-535$ | 530-535$ | 540-545$ | 490-500$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 395-397$ | 395-397$ | 395-397$ | 395-397$ |
| European Bulk Range | 450$-460$ | 450$-460$ | 460-510$ | 475-520$ |
Bitumen FOB Price in September 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 355-360$ | 360-365$ | 360-365$ | 365-368$ |
| Bitumen 80/100 Pasargad Embossed | 355-360$ | 360-365$ | 360-365$ | 365-368$ |
| Bitumen 60/70 Private Factory | 345-350$ | 350-355$ | 350-355$ | 360-365$ |
| Bitumen 80/100 Private Factory | 345-350$ | 350-355$ | 350-355$ | 360-365$ |
| VG Grades | 348-353$ | 353-358$ | 353-358$ | 363-368$ |
| Bitumen 60/70 Jumbo Bag | 335-340$ | 340-345$ | 340-345$ | 350-355$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 288-293$ | 288-293$ | 288-293$ | 290-296$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 400-405$ | 405-410$ | 405-410$ | 430-435$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 496-500$ | 502-507$ | 500-505$ | 515-520$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 415-420$ | 395-397$ | 395-397$ | 395-397$ |
| European Bulk Range | 460-510$ | 430-480$ | 430-480$ | 380-430$ |
Bitumen FOB Price in August 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 370-375$ | 365-370$ | 360-365$ | 355-360$ |
| Bitumen 80/100 Pasargad Embossed | 370-375$ | 365-370$ | 360-365$ | 355-360$ |
| Bitumen 60/70 Private Factory | 365-370$ | 358-363$ | 350-355$ | 345-350$ |
| Bitumen 80/100 Private Factory | 365-370$ | 358-363$ | 350-355$ | 345-350$ |
| VG Grades | 368-373$ | 360-365$ | 353-358$ | 348-353$ |
| Bitumen 60/70 Jumbo Bag | 350-355$ | 345-350$ | 342-348$ | 335-340$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 299-304$ | 295-300$ | 295-300$ | 286-293$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 385-390$ | 400-405$ | 410-415$ | 400-405$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 490-495$ | 494-500$ | 490-495$ | 496-500$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 447-450$ | 447-450$ | 447-450$ | 415-420$ |
| European Bulk Range | 470-530$ | 459-500$ | 430-490$ | 460-510$ |
Bitumen FOB Price in July 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 355-360$ | 365-370$ | 370-372$ | 370-375$ |
| Bitumen 60/70 Pasargad Embossed | 355-360$ | 365-370$ | 370-372$ | 370-375$ |
| Bitumen 60/70 Private Factory | 350-355$ | 359-364$ | 357-362$ | 365-370$ |
| Bitumen 80/100 Private Factory | 350-355$ | 359-364$ | 357-362$ | 365-370$ |
| VG Grades | 353-358$ | 362-367$ | 360-365$ | 368-373$ |
| Bitumen 60/70 Jumbo Bag | 340-350$ | 350-355$ | 348-350$ | 350-355$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 285-290$ | 288-293$ | 288-293$ | 288-293$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 410-415$ | 410-415$ | 410-415$ | 395-398$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 450-455$ | 460-465$ | 460-465$ | 470-475$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 480-485$ | 447-450$ | 447-450$ | 447-450$ |
| European Bulk Range | 455-520$ | 460-540$ | 460-540$ | 460-540$ |
Bitumen FOB Price in June 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 355-360$ | 355-360$ | 355-360$ | 355-360$ |
| Bitumen 60/70 Pasargad Embossed | 355-360$ | 355-360$ | 355-360$ | 355-360$ |
| Bitumen 60/70 Private Factory | 350-360$ | 350-360$ | 350-360$ | 350-355$ |
| Bitumen 80/100 Private Factory | 350-360$ | 350-360$ | 350-360$ | 350-355$ |
| VG Grades | 358-363$ | 358-363$ | 358-363$ | 353-358$ |
| Bitumen 60/70 Jumbo Bag | 340-345$ | 340-345$ | 340-345$ | 340-350$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 285-290$ | 285-290$ | 285-290$ | 285-290$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 395-400$ | 395-400$ | 395-400$ | 410-415$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 440-445$ | 440-445$ | 440-445$ | 450-455$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 480$ | 480$ | 480$ | 480-485$ |
| European Bulk Range: | 450-460$ | 450-460$ | 450-460$ | 455-520$ |
Bitumen FOB Price in May 2024
| Bitumen Price | 1st Week | 2nd Week | 3nd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 Jey Embossed | 355-365$ | 360-365$ | 360-365$ | 355-360$ |
| Bitumen 60/70 Pasargad Embossed | 355-365$ | 360-365$ | 360-365$ | 355-360$ |
| Bitumen 60/70 Private Factory | 355-360$ | 355-360$ | 355-360$ | 350-360$ |
| Bitumen 80/100 Private Factory | 355-360$ | 355-360$ | 355-360$ | 350-360$ |
| VG Grades | 358-363$ | 358-363$ | 358-363$ | 358-363$ |
| Bitumen 60/70 Jumbo Bag | 345-350$ | 340-350$ | 340-350$ | 340-345$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 288-295$ | 288-295$ | 288-295$ | 285-290$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 400-410$ | 440-445$ | 440-445$ | 395-400$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 445-450$ | 430-440$ | 430-440$ | 440-445$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 380-390$ | 380-390$ | 380-390$ | 480$ |
| European Bulk Range: | 460-510$ | 460-510$ | 460-510$ | 450-460$ |
Bitumen FOB Price in April 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 360-365$ | 360-365$ | 355-365$ | 355-365$ |
| Passargad Embossed | 360-365$ | 360-365$ | 355-365$ | 355-365$ |
| Bitumen 60/70 Private Factories | 350-355$ | 350-355$ | 345-355$ | 345-355$ |
| Bitumen 80/100 Private Factories | 350-355$ | 350-355$ | 345-355$ | 345-355$ |
| VG Grades | 353-358$ | 353-358$ | 348-358$ | 348-358$ |
| Jumbo Bag | 340-345$ | 340-345$ | 335-345$ | 335-345$ |
| Bitumen 60/70 Bulk Bitumen in Iran | 280-285$ | 283-293$ | 285-295$ | 285-295$ |
| Bitumen 60/70 Bulk Bitumen in South Korea | 395-405$ | 410-415$ | 400-410$ | 400-410$ |
| Bitumen 60/70 Bulk Bitumen in Singapore | 400-405$ | 415-420$ | 400-410$ | 400-410$ |
| Bitumen 60/70 Bulk Bitumen in Bahrain | 380-390$ | 380-390$ | 380-385$ | 380-385$ |
Bitumen FOB Price in March 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 350-355$ | 350-355$ | 350-355$ | 360-365$ |
| Passargad Embossed | 350-355$ | 350-355$ | 350-355$ | 360-365$ |
| Bitumen 60/70 Private Factories | 338-343$ | 338-343$ | 338-343$ | 350-355$ |
| Bitumen 80/100 Private Factories | 338-343$ | 338-343$ | 338-343$ | 350-355$ |
| Jumbo Bag | 330-335$ | 330-335$ | 330-335$ | 340-345$ |
| Bulk Bitumen | 275-280$ | 275-280$ | 275-280$ | 280-285$ |
| VG Grades | 340-342$ | 340-342$ | 340-342$ | 353-358$ |
Bitumen FOB Price in February 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 350-360$ | 350-360$ | 350-355$ | 350-355$ |
| Passargad Embossed | 350-360$ | 350-360$ | 350-355$ | 350-355$ |
| Bitumen 60/70 Private Factories | 345-350$ | 345-350$ | 340-345$ | 338-343$ |
| Bitumen 80/100 Private Factories | 345-350$ | 345-350$ | 340-345$ | 338-343$ |
| Jumbo Bag | 340-345$ | 340-345$ | 335-340$ | 330-335$ |
| Bulk Bitumen | 275-280$ | 275-280$ | 275-280$ | 275-280$ |
| VG Grades | 348-358$ | 348-358$ | 343-348$ | 340-342$ |
Bitumen FOB Price in January 2024
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 355-365$ | 355-365$ | 355-365$ | 355-365$ |
| Passargad Embossed | 355-365$ | 355-365$ | 355-365$ | 355-365$ |
| Bitumen 60/70 Private Factories | 345-355$ | 345-355$ | 340-350$ | 340-350$ |
| Bitumen 80/100 Private Factories | 345-355$ | 345-355$ | 340-350$ | 340-350$ |
| Jumbo Bag | 340-350$ | 340-350$ | 340-350$ | 340-350$ |
| Bulk Bitumen | 265-275$ | 265-275$ | 260-270$ | 260-270$ |
| VG Grades | 348-358$ | 348-358$ | 343-353$ | 343-353$ |
Iran Bitumen Daily NEWS on 1st Jan 2024
- During the preceding week, the commodity exchange witnessed the introduction of 212,000 metric tons of vacuum bottom—a notable uptick of 32,000 metric tons from the week prior. Impressively, the offering garnered an approximate demand of 238,000 metric tons, showcasing a remarkable 114% surge compared to the previous week. Despite the increased supply, the entirety of the offered vacuum bottom failed to secure buyers, even with the overall demand volume in consideration. The weekly fluctuation spanned between -2.8% and -2.2%, with transactions involving the Bandar Abbas and Shiraz oil refineries being the exceptions as all other dealings were executed at the base price. Noteworthy is the decline in the price of vacuum bottoms at the Tabriz, Tehran, and Isfahan oil refineries, experiencing the most significant drop of 2.8%. Furthermore, the ratio of the final price of vacuum bottom to exported bitumen on the commodity exchange stayed at 85%. Evaluating the average dollar value of the vacuum bottom, it reached $256 per metric ton based on the banknote exchange rate in the trading market (as of the news reporting date). When computed using the Nima rate in the market, this value elevated to $282 per metric ton.
- During the previous week, the commodity exchange saw the introduction of approximately 41,000 metric tons of bitumen, reflecting a decline from the 66,000 metric tons offered the week before. This volume marked a decrease of 25,000 metric tons compared to the one-month trading average. The reduction in supply was predominantly attributed to the cancellation of offerings by Pars Behin Qeshm Refinery. Despite the volume of offerings, only about 22,800 metric tons of demand were recorded. With demand lagging behind supply, all offerings remained uncompetitive, resulting in no transactions. In terms of price equalization on the commodity exchange, factoring in the half-rate dollar (as of the news reporting date), transactions were executed at approximately $324 and $393 per metric ton for bulk and barrel of Es-Fahan’s Jey Oil, respectively. Similarly, Jey Oil and Pasargad Oil in Bandar Abbas were priced at $360 and $374 per metric ton, respectively, while Pasargan Oil in Tabriz traded at $351 per metric ton.
- The recent monthly report from Pasargad Oil Company unveils its operational highlights for the current month of Azar. The company successfully marketed 22,953 metric tons of oil domestically, signaling a reduction from the previous month’s 26,993 metric tons, while also achieving robust export sales of 68,804 metric tons, surpassing the 61,058 metric tons recorded in the previous month. Additionally, the disclosed data indicates a 7.4% decline in the company’s domestic sales volume for the first nine months of the current year, amounting to 419,000 metric tons. Concurrently, the export sales reached 494,000 metric tons, reflecting a marginal 0.4% decrease compared to the corresponding period last year.
Bitumen FOB Price in December 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 380-390$ | 370-380$ | 370-380$ | 360-370$ |
| Passargad Embossed | 380-390$ | 370-380$ | 370-380$ | 360-370$ |
| Bitumen 60/70 Private Factories | 370-380$ | 360-370$ | 360-370$ | 350-360$ |
| Bitumen 80/100 Private Factories | 370-380$ | 360-370$ | 360-370$ | 350-360$ |
| Jumbo Bag | 360-370$ | 360-370$ | 360-370$ | 350-360$ |
| Bulk Bitumen | 280-285$ | 265-275$ | 265-275$ | 265-275$ |
| VG Grades | 373-383$ | 363-373$ | 363-373$ | 353-363$ |
Iran Bitumen Daily NEWS on 24th Dec 2023
- During the preceding week, a total of 180,000 metric tons of vacuum bottoms were introduced to the commodities exchange, marking a slight decrease of 10,000 metric tons compared to the week prior. The demand for this offering stood at approximately 111,000 metric tons, revealing a noteworthy 53% decline from the previous week. Despite a reduced supply relative to the prior week, the entirety of the offered vacuum bottom remained unsold, given the prevailing demand dynamics. Fluctuations throughout the week ranged from -2.3% to -0.1%. The Tabriz oil refinery witnessed the most significant drop in the price of vacuum bottoms, experiencing a 2.3% reduction. Furthermore, the relationship between the closing price of vacuum bottoms and the price of exported bitumen on the commodities exchange increased from 86% in the previous week to 87%. Assessing the average dollar value of the vacuum bottom, based on the Nima exchange rate (as of the news acquisition date), it reached $263, while based on the official exchange rate, it reached $290.
- In the previous week, an approximate volume of 67,000 metric tons of bitumen entered the export ring of the commodities exchange, indicating a notable increase from the previous week’s 60,000 metric tons and surpassing the one-month average by an additional 600 metric tons. This upswing in supply was primarily spurred by the renewed offerings from Pars Behin Qeshm Oil. Despite a demand registering around 80,000 metric tons for this quantity, some offerings remained untraded as the competitive demand outpaced the available supply. Transaction equivalences on the commodities exchange, calculated in Iranian rials and factoring in the Nima exchange rate, were as follows: 324$ per metric ton for Isfahan Jey Oil bulk bitumen, 360$ per metric ton for Bandar Abbas Jey Oil bulk bitumen and 393$ per metric ton for Isfahan Jey Oil drum bitumen. Additionally, Pars Behin Qeshm oil bitumen traded at 329$ per metric ton.
- Isfahan Oil Refining Company, in response to shareholder inquiries during its electronic conference as disclosed on Codal, clarified several key points. Notably, the company highlighted its adherence to the provisions outlined in Article Z of Note 1 of the 2023 Budget Law. This provision entails the allocation of 40% of the annual net profit to the legal reserve account, specifically designated for priority qualitative improvement projects such as those associated with the Kurosh oil plan. The assumption is contingent upon the full approval of a 5% discount. Additionally, the company provided insights into the distribution of its vacuum bottom, specifying that, in the first half of the current year, 323,333 metric tons were contracted through forward agreements, while 995,692 metric tons were traded on the commodities exchange. Notably, no sales have occurred in the forward contract for the vacuum bottom due to the expiration of the opportunity. In addressing the calculation formula for the pricing of feedstock rates, as stipulated by the Ministry of Oil (involving a 5-dollar and 5% discount), the company informed stakeholders that no official communication has been received to date. Furthermore, based on discussions held, no specific changes are anticipated in the foreseeable future.
Iran Bitumen Daily NEWS on 17th Dec 2023
- During the recent week, a substantial 190,000 metric tons of vacuum bottoms were brought to the commodity exchange, mirroring the previous week’s activity. Notably, there was a recorded demand of around 238,000 metric tons for this offering, reflecting an approximately 8% decline from the prior week. Despite the evident demand, not all of the provided vacuum bottoms found buyers. The weekly fluctuation range oscillated between minus 5.9% and 2.9%. A noteworthy price surge of about 2.8% was observed in vacuum bottoms at the Tehran, Shiraz, and Abadan oil refineries. Furthermore, the proportion of the final price of vacuum bottoms to export bitumen on the commodity exchange increased from 85% in the preceding week to 86%. Evaluating the average dollar value of vacuum bottoms, it reached $224 based on the free dollar exchange rate (as of the news date) and $264 based on the market exchange rate.
- In the past week, the export segment of the commodity exchange witnessed the offering of approximately 60,000 metric tons of bitumen, a decline from the preceding week’s 76,000 metric tons by 3,600 metric tons—a departure from the monthly average transaction volume. The decrease in supply was primarily attributed to the absence of offerings from Pars Behin Qeshm Oil. Despite the registration of a demand totaling around 80,000 metric tons for this offering, and despite the demand exceeding the available supply, some offerings remained uncompetitive, resulting in no concluded transactions. Transaction equivalences on the commodity exchange, factoring in the free dollar exchange rate (as of the news date), stood at approximately $254 per metric ton for Esfahan’s Jey Oil, $278 per metric ton for bulk Jey Oil from Bandar Abbas, $289 per metric ton for Pasargad Oil in Bandar Abbas, and $330 per metric ton in barrels. Similarly, Pasargad Oil in Abadan, Tabriz, and Arak transacted at $266, $271, and $255 per metric ton, respectively.
- A gathering was convened to address the challenges hindering the production and export of oil derivatives, featuring the participation of members from the Union of Oil Products Exporters. The deliberations delved into crucial issues, notably the resolution of foreign exchange commitments by exporters. The Chairman of the Board of Directors for the Union expressed concern, highlighting that the recent decision by the central bank to incorporate the union into foreign exchange commitments and the NIMA system does not align with the needs of the union’s commodity group. He underscored that this decision may lead to the stagnation and closure of units, ultimately resulting in a substantial decline in the statistics of oil product exports.
Iran Bitumen Daily NEWS on 11th Dec 2023
- During the recent week, the commodity exchange saw an offering of 190,000 metric tons of vacuum bottoms, mirroring the volume from the preceding week. Demand stood at approximately 258,000 metric tons, indicating a modest 4% decrease compared to the previous week. Despite a consistent supply aligning with the prior week, none of the offered vacuum bottoms found buyers, underscoring the existing demand dynamics. The weekly fluctuation range oscillated between 4.8% and 5.3%. The price of vacuum bottoms at the Tabriz Refinery exhibited the most significant increase, marking a rise of 5.3%. Additionally, the ratio of the final price of vacuum bottoms to the price of export bitumen on the commodity exchange continued its upward trajectory, reaching 85% from 83%. The average dollar value of vacuum bottoms, computed based on the free market exchange rate (as of the news release date), reached $225. Considering the exchange market rate, it ascended to $295.
- In the week that just passed, the commodity exchange witnessed the offering of approximately 60,000 metric tons of bitumen, marking a decrease from the 74,000 metric tons offered the week before and falling 6,000 metric tons below the one-month trading average. Notably, there was an uptick in the volume offered by Isfahan Jey Oil. Despite a demand registration of around 70,000 metric tons for this supply, the competition remained subdued. This was attributed to the focal demand on Bandar Abbas Pasargad Oil and Isfahan Jey Oil Bulk and Drum bitumen, coupled with a lack of interest in Pars Behin Qeshm Oil. Consequently, only 24,000 metric tons of export bitumen found buyers on the commodity exchange. In terms of transaction equivalences on the commodity exchange, factoring in the free market exchange rate (as of the news release date), prices were approximately $268 to $269 per metric ton for Isfahan Jey Oil bulk bitumen, around $317 per barrel, $278 per metric ton, and $327 per barrel for Bandar Abbas Pasargad Oil. Additionally, bulk bitumen from Tehran, Tabriz, and Arak Pasargad Oil traded at $272, $260, and $256 per metric ton, respectively.
- In the week that just passed, the commodity exchange witnessed the offering of approximately 60,000 metric tons of bitumen, marking a decrease from the 74,000 metric tons offered the week before and falling 6,000 metric tons below the one-month trading average. Notably, there was an uptick in the volume offered by Isfahan Jey Oil. Despite a demand registration of around 70,000 metric tons for this supply, the competition remained subdued. This was attributed to the focal demand on Bandar Abbas Pasargad Oil and Isfahan Jey Oil Bulk and Drum bitumen, coupled with a lack of interest in Pars Behin Qeshm Oil. Consequently, only 24,000 metric tons of export bitumen found buyers on the commodity exchange. In terms of transaction equivalences on the commodity exchange, factoring in the free market exchange rate (as of the news release date), prices were approximately $268 to $269 per metric ton for Isfahan Jey Oil bulk bitumen, around $317 per barrel, $278 per metric ton, and $327 per barrel for Bandar Abbas Pasargad Oil. Additionally, bulk bitumen from Tehran, Tabriz, and Arak Pasargad Oil traded at $272, $260, and $256 per metric ton, respectively.
Iran Bitumen Daily NEWS on 2nd Dec 2023
- In the latest market analysis, a notable influx of 190,000 metric tons of vacuum bottom onto the commodity exchange marked a substantial increase from the preceding week’s 77,000 metric tons. This surge generated a robust demand of approximately 268,000 metric tons, showcasing a remarkable uptick of 300% compared to the previous week. The week also witnessed a significant uptrend in supply, with an additional 113,000 metric tons brought into the market. Given the robust demand, virtually the entire supply of vacuum bottom found successful buyers. Weekly fluctuations displayed a range from -4.2% to 2.4%. The heightened supply compared to the prior week was attributed to renewed offerings from refineries in Isfahan and Tehran. Notably, the price of vacuum bottom from the Arak refinery saw the most substantial increase at 4.2%. The ratio of the final price of vacuum bottom to the price of export bitumen on the commodity exchange rose from 81% in the preceding week to 83%. In terms of value, the average dollar value of vacuum bottom, based on the free market exchange rate (as of the news report date), reached $224. Meanwhile, based on the market exchange rate, it climbed to $271. This market analysis suggests a dynamic interplay of supply and demand dynamics, with notable price adjustments and a strong response from market participants.
- In the recent market analysis, the commodity exchange ring witnessed a substantial offering of approximately 77,000 metric tons of bitumen during the past week, exceeding the preceding week’s volume by 4,000 tons and surpassing the one-month average transaction volume. The heightened supply was notably driven by increased offerings from Jey Oil and Pars Behin Qeshm Oil. Despite a robust demand registration of around 178,500 tons for this volume, indicating a significant uptick in demand, some offered volumes remained unmatched and were left untraded. This highlights a competitive market environment where demand outpaced the available supply. Transaction equivalencies on the commodity exchange, factoring in the free market exchange rate (as of the news report date), indicated transaction values of approximately $261 and $276 per metric ton for Jey Oil in Isfahan and Bandar Abbas, respectively. Additionally, Parsargad bitumen in Bandar Abbas was valued at $277 per metric ton. Transaction equivalencies for Parsargad bitumen in Tehran and Arak were reported at $258 and $250 per metric ton, respectively. Furthermore, bitumen from Pars Behin Qeshm Oil was priced at $271 per metric ton.
- The Central Bank has recently issued a directive, refining the criteria for determining the blocked-to-liquid ratio in accounts held by applicants with banks seeking foreign exchange allocation during the creation or renewal of statistical certificates (foreign exchange allocation). Notably, this revision, while significant, does not explicitly address the removal of the requirement to block rial deposits. In response to these regulatory adjustments, the head of the Import Management Commission at the Iran Chamber of Commerce expressed a sense of surprise, stating, “We find ourselves in a state of shock since the release of this amendment. The reasoning behind the officials’ decision to alter their stance on the necessity of blocking deposits for production units in need of foreign exchange remains unclear to us.”
Bitumen FOB Price in November 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 390-400$ | 390-400$ | 390-400$ | 380-390$ |
| Passargad Embossed | 390-400$ | 390-400$ | 390-400$ | 380-390$ |
| Bitumen 60/70 Private Factories | 380-390$ | 380-390$ | 380-390$ | 370-380$ |
| Bitumen 80/100 Private Factories | 380-390$ | 380-390$ | 380-390$ | 370-380$ |
| Jumbo Bag | 370-380$ | 370-380$ | 370-380$ | 360-370$ |
| Bulk Bitumen | 305-315$ | 305-315$ | 305-315$ | 295-300$ |
| VG Grades | 383-393$ | 383-393$ | 383-393$ | 373-383$ |
Iran Bitumen Daily NEWS on 27th Nov 2023
- Over the past week, the commodity exchange witnessed the introduction of 77,000 metric tons of vacuum bottoms, a significant decline from the 182,000 metric tons offered in the preceding week. Notably, there was an approximate demand registration of 66,000 metric tons, reflecting a substantial 65% reduction compared to the week prior. The supply experienced a pronounced contraction, and in light of the prevailing demand, roughly 60% of the bitumen vacuum bottoms offered successfully found buyers. During this week, the supply decrease was particularly noteworthy, coupled with a near-zero fluctuation range, as the bulk of transactions adhered to the base price over the last two weeks. The reduction in supply was attributed to the absence of contributions from Isfahan and Tehran refineries. Of significance is the ratio of the final price of bitumen vacuum bottoms to that of export bitumen on the commodity exchange, which climbed to 81%. In terms of value, the average dollar assessment of bitumen vacuum bottoms, based on the free market dollar rate (as of the news date), reached $228. Additionally, according to the center of exchange rate, it reached $276.
- In the previous week’s trading on the commodity exchange, approximately 70,000 metric tons of bitumen were introduced, representing a modest increase from the preceding week’s 69,000 tons. Notably, this figure surpassed the average monthly supply by 8,400 tons. The decline in supply was predominantly influenced by reduced offerings from Isfahan Jey Oil, Pasargad Oil in Bandar Abbas, and the absence of contributions from Pasargad Oil in Tehran. This substantial supply prompted a demand of around 154,700 metric tons. Owing to a demand that outstripped the available supply, nearly all offerings were successfully transacted, with the majority taking place at the base price. The normalization of transactions on the commodity exchange, factoring in the free dollar rate (as of the news date), reveals pricing around $257 per ton for Isfahan Jey Oil, $285 per ton for Bandar Abbas Pasargad Oil bulk bitumen and $334 per ton for drum bitumen, $259 per ton for Arak Pasargad Oil, and $280 per ton for Pars Behin Qeshm Oil Refining.
- The Comprehensive Trade System has issued a notice, stating that, in accordance with the execution of Article 5 of the Regulations on the Repatriation of Export Earnings, exporters now have the capability to submit requests and objections related to the return of foreign currency. This functionality, specific to outlined matters, is accessible through the Comprehensive Trade System. As of the first of Azar month, exporters can take the necessary steps to register their requests by visiting the “Registration and Issue Tracking” section within the Comprehensive Trade System.
Iran Bitumen Daily NEWS on 20th Nov 2023
- In a recent meeting between OPEX and the Deputy of Quality Assessment at the National Standards Organization, a range of crucial topics took center stage, with a particular focus on discussions surrounding trade involving flexi-tanks. The impetus for these discussions stemmed from recent guidelines issued by the National Standards Organization,explicitly stating that the export of petroleum derivatives in flexi-tanks is considered unauthorized. This directive came into effect on the 23rd of Aban. In response to this, a resolution was reached to defer the enforcement and implementation of this directive until a later date, pending its amendment. Notably, during the revision process of the directive, experts from the union will be invited to actively participate in the discussions during the session.
- During the previous week, a substantial volume of 182,000 metric tons of vacuum bottoms graced the commodity exchange, surpassing the 180,000 metric tons of the week prior. This attracted an approximate demand of 191,000 metric tons, marking a modest 10% reduction compared to the preceding week. With an additional 2,000 metric tons introduced to the market this week, the entirety of the offered vacuum bottoms found eager buyers, aligning with the prevalent demand. Market dynamics revealed a weekly fluctuation range of 2.7% to 3.5%, with the augmented supply attributed to increased volume from the Shiraz refinery. The pricing landscape witnessed notable shifts, with vacuum bottoms from the Tabriz refinery experiencing a robust 3.5% growth, while their counterparts from the Bandar Abbas oil refinery observed a more pronounced decline at 2.7%. The pricing equilibrium in the commodity exchange, reflecting the final price of vacuum bottoms in relation to export bitumen, held steady at 79%, mirroring the patterns of the preceding week. In terms of currency valuation, the average dollar-denominated value of vacuum bottoms stood at $228 based on the prevailing free market exchange rate (as of the news preparation date) and rose to $280 when considering the market exchange rate.
- In the past week, the export market at the commodity exchange saw a significant influx, with approximately 69,000 metric tons of bitumen being presented—a substantial leap from the 40,000 tons of the preceding week and surpassing the monthly average by an impressive 11,600 tons. This upswing in supply was primarily fueled by an increased volume of bulk offerings from the Bandar Abbas Oil Refinery and Pasargad Oil Company in Bandar Abbas. Despite the substantial supply, the recorded demand stood at around 42,700 metric tons. However, due to the demand falling short in comparison to the abundant supply, the market experienced a lack of competition, resulting in lack of transactions being finalized. The transaction reconciliations at the commodity exchange, factoring in the free market exchange rate (as of the news preparation date), yielded the following prices: $272 for Isfahan Jey Oil Bulk Bitumen, $292 and $325 for bulk and barrel Bandar Abbas Jey Oil, respectively. Additionally, Bandar Abbas Pasargad Oil was priced at $319 per metric ton, while Tabriz and Arak Pasargad Oil were traded at $295 and $271 per metric ton, respectively.
Iran Bitumen Daily NEWS on 13th Nov 2023
- In the past week, 180,000 metric tons of vacuum bottom were presented on the commodities exchange, a slight decrease from the 195,000 metric tons offered the week prior. Impressively, this offering drew demand of approximately 213,000 metric tons, reflecting an 18% surge compared to the previous week. The current week witnessed a modest reduction in the offering by 15,000 metric tons, yet all the presented vacuum bottom found eager buyers, given the robust demand. Fluctuations throughout the week ranged from -7.1% to -1.6%. The decline in the offering compared to the prior week was attributed to a reduction in supply from the Isfahan and Bandar Abbas refineries. Notably, the price of vacuum bottom from the Tabriz refinery experienced the most significant decrease at 7.1%. Simultaneously, the price ratio of the final vacuum bottom to exported bitumen in the commodities exchange slipped from 82% to 79%. In terms of valuation, the average dollar value of vacuum bottom, based on the free-market exchange rate (as of the news date), stands at $224. Conversely, based on the market trading rate, it equates to $280.
- In the latest trading week on the export platform of the commodity exchange, an approximate 40,000 metric tons of bitumen were presented, showing a decline from the preceding week’s 52,000 metric tons and indicating a reduction of 24,800 metric tons compared to the monthly average trading volume. This decrease in offering was predominantly influenced by a decrease in supply from Isfahan Jey Oil, Abadan Pasargad Oil, and Pars Behin Qeshm Oil. Despite the volume of offerings, only about 36,550 metric tons found demand. Due to the lower demand relative to the supply, all offerings remained unsold as no competitive bids were made. For these offered volumes, transaction equalizations on the commodity exchange, considering the free-market exchange rate (as of the news date), were approximately $269 per metric ton for Isfahan Jey Oil, $291 per metric ton for Bandar Abbas Jey Oil, $296 per metric ton for Tabriz Pasargad Oil, and $341 per metric ton for bulk, and $366 per metric ton for barrel Bandar Abbas Pasargad Oil.
- The OPEX Bitumen Commission held a session on November 14th to delve into the opportunities and challenges tied to fulfilling financial commitments. During this meeting, it was decided that a more thorough examination of the matter would take place in subsequent sessions. Furthermore, a session with the Central Bank is slated to address financial commitments for the fiscal year 1397. Addressing concerns about the upsurge in non-standard tariffs for port and maritime services, leading to an increase in export costs, the commission resolved to conduct a dedicated meeting with the Ports and Maritime Organization to comprehensively address and rectify these challenges.
Iran Bitumen Daily NEWS on 6th Nov 2023
- In the past week, the commodity exchange witnessed the offering of 195,000 tons of vacuum bottoms, which was an increase compared to the previous week’s 160,000 tons.This offering drew approximately 180,000 tons in demand, reflecting a 22% reduction in demand compared to the previous week. Notably, this week saw an additional 35,000 tons offered, and due to the substantial demand, all the offered vacuum bottoms found buyers. The final prices of the majority of these offerings dipped below the previous week’s levels, fluctuating within a weekly range from a 10.6% decrease to a 0.9% increase. The augmented supply compared to the previous week can be attributed to contributions from the Abadan refinery. Remarkably, the price of vacuum bottoms originating from the Tabriz refinery experienced the most significant uptick, registering a 0.9% growth. Furthermore,the ratio of the final price of vacuum bottoms to the cost of exported bitumen on the commodity exchange decreased from 90% to 82%. As for the value in U.S. dollars, the standard price of vacuum bottoms reached $232 when calculated based on the free market exchange rate, while it reached $294 when determined using the market exchange rate.
- In the previous trading week, the export segment of the commodity exchange witnessed the offering of roughly 80,000 metric tons of bitumen, signifying a substantial increase compared to the previous week’s 38,000 metric tons. This offering exceeded the average trading volume of one month by approximately 12,800 metric tons. The notable uptick in supply was predominantly driven by the active participation of prominent oil companies, notably Jey Oil (with operations in Isfahan and Bandar Abbas), as well as Pasargad Oil from Tehran and Arak. These companies, which had a limited presence in the market the preceding week, significantly contributed to the supply surge. Despite demand registrations totaling approximately 73,900 metric tons for this supply volume, the market saw less intense competition due to the demand falling short of the available supply. Consequently, not all offerings resulted in successful transactions.For trade settlements on the commodity exchange, taking into account the free market exchange rate, bitumen from Isfahan Jey Oil was traded at around $272 and $318 per metric ton. Meanwhile, bitumen from Bandar Abbas Jey Oil was traded at $324 per metric ton, and bitumen from Naft Bandar Abbas Pasargad Oil was settled at $311 per metric ton.
- In accordance with the decisions made during the thirteenth session of the Working Group on Export Proceeds Repatriation, the deadline for exporters to fulfill their currency commitments resulting from exports in the 1401 fiscal year extends until the fifteenth day of Aban in the 1402 fiscal year. It’s important to emphasize that this deadline does not grant any tax exemptions. Furthermore, as per the communication issued by the aforementioned working group, exporters from the 1397 fiscal year who had proactively registered their real currency-based sales data (related to exports occurring between 22/01/1397 and 16/05/1397) within the Comprehensive Trade System by the end of Aban in the 1399 fiscal year are entitled to tax exemptions from the 1397 fiscal year. Any data registration after the specified date solely serves the purpose of fulfilling currency commitments arising from exports and does not qualify for tax exemptions.
Iran Bitumen Daily NEWS on 1st Nov 2023
- During the previous week, a substantial quantity of vacuum bottom, amounting to 160,000 metric tons, was made available for trading, down from the previous week’s 190,000 metric tons. Remarkably, this offering generated a remarkable response with approximately 262,000 metric tons of demand, marking a significant increase of over 50% when compared to the prior week. As the week progressed, there was a reduction in the available supply, with 30,000 metric tons less on the market. In light of the robust demand, nearly all of the vacuum bottom was quickly sold. Market dynamics witnessed a weekly fluctuation ranging from -9.4% to 2.7%. The decrease in supply, in comparison to the previous week, can be attributed to the absence of offerings from the Abadan refinery. It is worth noting that the vacuum bottom at the Arak refinery saw the most substantial price increase, with a growth of 2.7%. Furthermore, the relative price of vacuum bottom in comparison to export-grade bitumen on the commodity exchange reached an impressive 90%. In terms of value, the average dollar rate of vacuum bottom, based on the free dollar exchange rate at the time of news preparation, reached $247 per metric ton. When considering the market exchange rate, this value rose to $312 per metric ton.
- In the international commodities exchange, approximately 38,000 metric tons of bitumen were introduced to the market last week, a significant decrease from the 81,000 metric tons offered in the previous week. This volume was 48,400 metric tons below the one-month average trading volume, primarily due to the absence of participation from Jey Oil Refining Company in Isfahan and Bandar Abbas. Despite the reduced supply, the market witnessed a strong demand, with approximately 49,600 metric tons of bitumen being sought by buyers. Given the higher demand compared to supply, a substantial portion of the offered bitumen engaged in competitive trading and found buyers. In terms of transaction values and considering the free Dollar exchange rate at the time of news preparation, the prices were as follows: – For Pasargad Oil from Bandar Abbas: $324 for bulk and $373 for drum bitumen. – For Pasargad Oil from Abadan and Tabriz: $297 and $315, respectively. For Pars Behin Qeshm Oil Refinery: $269 per metric ton.
- During a meeting between the Secretary-General and the Public Relations Manager of the Union of OPEX Exporters with Mr. Razzani Far, the esteemed head of the Iranian Republic’s Customs, an important decision was reached. As per Executive Directive No. 1066841, dated 06/08/1402, the Customs of Shahid Rajai and Bandar Imam Khomeini have been instructed to, for a duration of two months from the issuance date of this directive, exclusively handle oil export shipments. These shipments, originally declared for processing at other authorized Customs and having completed the export procedures, are to be transported in sealed tankers to the specified Customs locations. Within surveillance areas, these shipments will be efficiently offloaded into flexi-tanks, with a focus on applying the necessary control and risk management measures to the inlet and outlet valves. This process is crucial for the shipments to cross the border seamlessly.
Bitumen FOB Price in October 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 425-430$ | 420-430$ | 418-422$ | 395-405$ |
| Passargad Embossed | 425-430$ | 420-430$ | 418-422$ | 395-405$ |
| Bitumen 60/70 Private Factories | 415-420$ | 400-410$ | 395-405$ | 385-395$ |
| Bitumen 80/100 Private Factories | 415-420$ | 400-410$ | 395-405$ | 385-395$ |
| Jumbo Bag | 405-410$ | 400-410$ | 385-395$ | 380-390$ |
| Bulk Bitumen | 325-335$ | 420-430$ | 310-320$ | 310-320$ |
| VG Gradesx | 420-423$ | 405-415$ | 498-408$ | 388-400$ |
Iran Bitumen Daily NEWS on 23rd Oct 2023
- Over the course of the past week, the commodity exchange saw the introduction of approximately 190,000 tons of vacuum bottom. The interesting point is that this offering generated a demand of roughly 152,000 tons, indicating a significant 40% reduction compared to the prior week. As we pay attention to the current week, we observe an additional 17,000 metric tons added to the supply. Nevertheless, given the preexisting demand volume, not all of the vacuum bottoms found buyers. The weekly fluctuations displayed a range from -5.4% to -0.1% change. This increase in supply, as compared to the previous week, can be attributed to a surge in supply volume from refineries in Arak, Bandar Abbas, and Shiraz. The price of vacuum bottom originating from the Bandar Abbas refinery registered the most notable decline, experiencing a 5.4% decrease. Furthermore, the relative price between vacuum bottom and export-grade bitumen in the commodity exchange, previously at 88%, ascended to 90% during this week. Considering the average dollar value of vacuum bottom, based on the free-market exchange rate (reflecting the rate at the time of news retrieval), it reached $263. In contrast, relying on the market exchange rate, the average value stood at $328.
- In the recent session at the Iran’s international commodity exchange, an estimated 81,000 metric tons of bitumen were. put up for trade, marking a notable increase compared to the preceding week, which had seen a supply of 48,000 tons. It worth mentioning that this week’s offering was only about 600 metric tons less than the average of monthly volume. This expansion in supply can be chiefly attributed to the active involvement of significant industry players, including Isfahan Jey Oil, Bandar Abbas Jey Oil, and Pars Behin Gheshm Oil Refinery. In addition, despite the aggregate offering amounting to approximately 65,420 metric tons, the trading activity remained subdued, mainly- due to demand not keeping pace with the ample supply. Regarding the standardization of transactions in the commodity market and considering the exchange rate of the free market at the time of this report, the pricing was approximately in the range of $285 to $309 per metric ton for Isfahan Jey Oil Bulk Bitumen. Meanwhile, Bandar Abbas Pasargad Oil was quoted at around $329 per metric ton for bulk and $379 per barrel for drum bitumen. Additionally, Arak Pasargad Oil was valued at approximately $287 per metric ton. TheQeshm Island-based Pars Behin Gheshm Oil Refinery’s bitumen was transacted at a rate of approximately $299 per metric ton.
- During the past week, the Chairman of the Board of Directors of the Union of Petroleum, Gas, and Petrochemical Product Exporters disclosed that exports from union members in the bitumen, hydrocarbon, and oil sector had reached a substantial $2.6 billion within the first six months of this year. He noted that, within the same period, the country had seen a total of nearly $22 billion in exports and $30 billion in imports. The chairman also expressed the belief that with the proper design of the government’s currency repatriation policies, these economic imbalances could be effectively addressed.
Iran Bitumen Daily NEWS on 16th Oct 2023
- In the preceding week, a total of 173,000 metric tons of Vacuum Bottom (VB) were offered in the Iran Mercantile Exchange (IME). This marked a significant increase of 107% compared to the previous week when 5,000 metric tons less were supplied. As a result of this surge in supply and increased demand, all the offered VB was successfully traded. The weekly fluctuation rate for VB ranged from a decrease of 7.5% to an increase of 3.7%. The surge in supplies was attributed to higher outputs from refineries in Tehran, Isfahan, and Abadan. Among the various types of VB, Tabriz VB saw the most significant price increase at 3.7%, contributing to the ratio between the closing price of VB and the IME’s export bitumen reaching 88%. The average value of VB in the Free Market was estimated at $258 per metric ton, while in the Center of Exchange Dollar, it reached $323 per metric ton.
- In the Iran Mercantile Exchange’s (IME) export market, there was a supply of approximately 48,000 metric tons (MT) of bitumen. This supply marked a significant decrease of 37,000 MT compared to the previous month’s average. The reduced supply was attributed to a decrease in offers from various sources, including Bandar Abbas Jey Oil, Tehran Pasargad Oil, and other suppliers. The demand for this bitumen amounted to 20,500 MT, which was notably less than the total available supplies. As a result, the entire amount of offered bitumen was not traded during this period. The fluctuation of prices was influenced by the exchange rate between the free-market USD and the Iranian Rial (IRR). At the time of publication, the negotiated equivalent rate for Bandar Abbas Jey Oil Bulk Bitumen was set at $315 per metric ton. The prices for Bandar Abbas Pasargad Oil Bulk Bitumen and Drum Bitumen stood at $329 and $380, respectively, while the price for Arak Pasargad Oil Bitumen was $293 per metric ton.
- A representative in the Iranian parliament, hailing from Semnan, has revealed a series of improvements in the bitumen supply process to governmental agencies. He went on to elaborate that these changes were enacted by the parliament to address concerns raised by the Guardian Council regarding the bitumen delivery process for the year 1402. Under the revised text, the Ministry of Oil is mandated to allocate an approximate sum of 200 trillion rials incrude oil from its reserves to the National Iranian Oil Company. This allocation will enable the company to provide executive bodies with monthly supplies of raw bitumen, specifically vacuum bottoms, at 50% of the prevailing market price. This implementation commences at the outset of the year 1402.
Iran Bitumen Daily NEWS on 9th Oct 2023
- The CEO of Iran Urban Regeneration Corporation has announced that, in compliance with the municipal organization’s directives regarding asphalt expenditure, a minimum of 25% of the asphalt consumption for the fiscal years 1402 and 1403 will be dedicated to addressing the needs of inefficient urban areas. Furthermore, during this meeting, a resolution was reached for the Iran Urban Regeneration Corporation to furnish Geographic Information System (GIS) data pertaining to these inefficient urban areas to municipal authorities and rural districts nationwide.
- using the previous week, the Iran Mercantile Exchange (IME) reported a total supply of 168,000 metric tons (MT) of VB (bitumen), with demand registering at 123,000 MT. Notably, this marked a 28% decrease in demand compared to the prior week, coinciding with a 9,000 MT reduction in the supply rate. Consequently, not all of the available bitumen found buyers, contributing to a weekly fluctuation rate in VB prices spanning from -3.3% to -6.5%. The drop in supply was primarily attributed to reduced outputs from select refineries. Among them, Tabriz VB saw the most significant decline, plunging by 6.5%, while the ratio between VB’s closing price and IME’s export bitumen price reached 89%. The average value of VB in the Free Market was evaluated at $276 per MT, whereas its valuation in the Center of Exchange Dollar reached $337 per MT.
- In the Iran Mercantile Exchange’s (IME) export market, the available bitumen supply totaled around 77,000 metric tons (MT). This figure marked a decrease of 1,700 MT in comparison to the preceding month’s average. The reduction in supply was primarily attributed to decreased offering volumes from select suppliers and production halts from Isfahan Jey Oil Drum Bitumen, Bandar Abbas Pasargad Oil, and Pars Behin Qeshm Oil. However, despite these supplies, only 67,700 MT of bitumen demand were registered. This demand volume fell short of the available supply, resulting in no trading of the surplus. It is worth noting that considering the prevailing free-market exchange rate of USD to IRR at the publication date, the negotiated equivalent rates for Isfahan Jey Oil Bulk Bitumen were established at $297 per MT. Meanwhile, Bandar Abbas Pasargad Oil Bulk Bitumen was priced at $344 per MT. Furthermore, bitumen prices from Abadan, Tabriz, and Arak Pasargad Oil ranged between $302 and $336 per MT, reflecting the ongoing dynamics of the market.
Iran Bitumen Daily News on 2nd Oct 2023
- During the past week, the Iran Mercantile Exchange(IME) reported a supply of 177,000 metric tons (MT) of VB (bitumen), while demand registered stood at 171,000 MT. This represented a notable 37% decrease in demand compared to the previous week. The supply rate had reduced by 13,000 MT in the prior week, and as a result, not all the supplied VB was sold. The weekly fluctuation in VB prices ranged from -2.5% to 3.7%. This decrease in demand can be attributed to reduced output from refineries and halted offers from the Arak refinery. Tehran VB experienced the most significant price increase at 3.7%, and the ratio between VB’s closing price and IME’s export bitumen reached 92%. The average value of VB in the Free Market was assessed at $285 USD, while the value in the Center of Exchange Dollar reached $341 USD.
- In the export market of the Iran Mercantile Exchange (IME), the available supplies amounted to approximately 92,000 metric tons (MT), representing a notable increase of 14,500 MT compared to the previous month’s average. However, this uptick in supply coincided with reduced offers from all participating suppliers, compounded by a production halt from Bandar Abbas Jey Oil. Despite the increase in available supply, the total demand registered for bitumen reached 141,000 MT, falling short of the surplus- supply, which ultimately resulted in untraded offers. When taking into account the prevailing exchange rate of the US Dollar (USD) to Iranian Rial (IRR), the negotiated equivalent rates for Isfahan Jey Oil Bulk Bitumen spanned from $291 to $328 USD. Isfahan Jey Oil Bulk Bitumen was priced at $366 USD, while the rate for Bandar Abbas Pasargad Oil Bulk Bitumen stood at $347 USD. Furthermore, bitumen prices for Tehran, Abadan, Tabriz, and Arak Pasargad Oil ranged from $305 to $325 USD. Pars Behin Qeshm Oil’s bitumen rate was fixed at $310 USD per MT.
- In the past week, during the annual assembly of the Iranian Asphalt Association held on the 7th of Mehr month (September), the following individuals were elected for a two-year term: 1. Mr. Davood Mohammadi 2. Mr. Sajad Mazloumi 3. Mr. Mir Jalal Seyed Jalali 4. Mr. Saeed Ma’marian 5. Mr. Amin Fallah 6. Mr. Yousef Hadi Siahrudi 7. Mr. Seyed Mohammad Mousavi.
- The Bandar Abbas Oil Refining Company has released an official statement regarding a recent fire incident at its refinery. According to the statement, on the evening of Friday, September 22nd, there was an incident involving the ignition of gases released during the cleaning process near the diesel compressor. Prompt action was taken to control the situation, and the fire was quickly extinguished. As a result, all operational units within the refinery are now fully operational and functioning as they were prior to the incident.
Bitumen FOB Price in September 2023
| Bitumen price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 415-420$ | 419-424$ | 425-430$ | 425-430$ |
| Passargad Embossed | 405-410$ | 419-424$ | 425-430$ | 425-430$ |
| Bitumen 60/70 Private Factories | 390-400$ | 411-416$ | 410-420$ | 415-420 |
| Bitumen 80/100 Private Factories | 390-400$ | 411-416$ | 410-420$ | 415-420 |
| Jumbo Bag | 375-385$ | 375-385$ | 400-405$ | 405-410$ |
| Bulk Bitumen | 310-315$ | 310-320$ | 320-330$ | 325-335$ |
| VG Grades | 393-403$ | 414-419$ | 415-423$ | 420-423$ |
Iran Bitumen Daily News on 25th Sep 2023
- During the past week at the Iran Mercantile Exchange (IME), there was a notable surge in the supply of vacuum bottoms (VB), totaling 190,000 metric tons. This represented a robust 7.56% increase compared to the preceding week. The prior week also witnessed an uptick in supply, rising by 2,000 metric tons. Importantly, the entire supply was successfully traded, and throughout the week, VB prices experienced a modest fluctuation rate ranging from -1.2% to 1.3%. The increased supply was primarily attributed to heightened production from refineries in Tabriz and Isfahan. Furthermore, during this period, Tehran and Bandar Abbas VBs exhibited the most substantial price increases, registering a rise of 1.3%. The ratio between VB’s closing price and IME’s export bitumen reached 86%. VB’s average valuation in the Free Market, denominated in USD, was appraised at $277. Additionally, the value of VB in the Center of Exchange Dollar achieved a level of $331.
- supplies within the Export Market of the Iran Mercantile Exchange (IME) reached approximately 134,000 metric tons, indicating a substantial surplus of 67,900 metric tons compared to the previous month’s average. This remarkable increase in supply can be attributed to a significant uptick in offers from Jey Oil, Bandar Abbas, Arak Pasargad Oil, and Pars Behin Qeshm Oil. The substantial supply was met with robust demand, as 152,780 metric tons were registered, surpassing the available supplies. Taking into account the prevailing free-market exchange rate between USD and IRR, the negotiated equivalent rates for Isfahan Jey Oil Bulk Bitumen ranged between $307 and $317. The prices for Bandar Abbas Pasargad Oil Bulk and Drum Bitumen were recorded at $340 and $392, respectively. Additionally, Arak and Tabriz Pasargad Oil Bitumen were priced at $311 and $339, respectively. Pars Behin Qeshm Oil’s bitumen was quoted at $321 per metric ton.
- The Chairman of the Parliament’s Construction Commission and the Chairman of the Expediency Council convened a meeting to discuss the incorporation of parliamentary representatives’ views into the proposed bitumen hedging law. During this meeting, they aimed to highlight the positive impacts of the bitumen hedging proposal and clarify any uncertainties or questions surrounding it.
- he executive head of the Tehran City Engineering and Construction Organization has announced the distribution of nearly 900,000 tons of asphalt on both major and minor roads in the capital city. This significant allocation addresses the city’s ongoing need for asphalt, which exceeds 1.5 million tons annually. Notably, previous years saw asphalt production ranging between 300,000 to 500,000 tons, underscoring the substantial efforts to meet Tehran’s infrastructure demands.
- The Iranian Customs Administration has issued a circular (notification number 84/1402/853451, dated September 17) that enforces a ban on the transportation and export of petroleum products utilizing flexi-tanks. This prohibition came into effect on May 30, 2023. As a result, the use of flexi-tanks for the conveyance and export of petroleum products is no longer authorized, and export declarations will not be accepted starting from this date.
Iran Bitumen Daily News on 18th Sep 2023
- In the latest week, the Iran Mercantile Exchange (IME) witnessed the supply of 188,000 metric tons of Vacuum Bottom (VB), marking a notable increase of 27,000 metric tons compared to the prior week. All the supplied VB found buyers, and throughout the week, the prices experienced fluctuations ranging from -4.2% to 6.8%. This surge in supply can be attributed to increased production from all refineries. The Tabriz refinery’s VB recorded the most significant price increase, surging by 6.8%. The closing price of VB relative to IME’s export bitumen reached a level of 90%. In terms of valuation, VB averaged $277 in the Free Market USD, with its value on the Center of Exchange Dollar reaching $332.
- In the IME’s export market, approximately 57,000 metric tons of bitumen were available, which was slightly less than the preceding month’s average by 7,100 metric tons. This reduction in supplies was attributed to fewer offers from suppliers. However, despite the decrease in supply, the total amount of outputs was fully traded. Demand in this market reached 64,050 metric tons, surpassing the available supplies. The negotiated equivalent rates for Isfahan Jey Oil Bulk Bitumen were in the range of 317$ to 347$. Meanwhile, the prices for Bandar Abbas Pasargad Oil Bulk and Drum Bitumen were 319$ and 378$, respectively. Additionally, Arak Pasargad Oil offered Bulk and Drum Bitumen at rates of 346$ and 386$, with Arak Pasargad oil priced at 321$. Pars Behin Qeshm Oil’s bitumen was available at a rate of 281$ per barrel.
- In a communication dated June 22, 1402, the Iran Commodity Exchange has officially notified a modification in the advance payment rate for the procurement of vacuum bottoms. Effective from June 26, 1402, it has been decreed that the advance payment rate for purchasing vacuum bottoms on the Iran Commodity Exchange will stand at 10%, pending any subsequent updates. Prior to this adjustment, the advance payment rate for vacuum bottoms acquisition was established at 20%.
- In early September, the Union of Oil, Gas, and Petrochemical Product Exporters approached the Central Task Force for Combating Smuggling of Goods and Currency with a request. They sought favorable conditions that would allow manufacturers to transport their export shipments of various oils and lubricants using flexi-tanks. The idea was to enable these producers to move their export cargo from the factory to the customs office using tanker trucks. Once the tanker was sealed at the customs office, these trucks would then proceed to the export ports. There, under the watchful eye of customs officials, the cargo in these tanks would be transferred to flexitanks. In response to this proposal, the Task Force for Combating Smuggling of Goods and Currency elaborated on the reasons behind the prohibition of transporting oil products through flexi-tanks. According to their explanation, customs sampling is performed on the final container of the cargo. Due to concerns about potential tampering or confiscation during this process, it was determined that this procedure is not feasible. Consequently, a meeting will be convened at the customs office, involving stakeholders, to delve further into this matter.
Iran Bitumen Daily News on 11th Sep 2023
- In the previous week, there was a supply of 160,000 metric tons (MT) of VB in the IME, and the registered demand was 280,000 MT. This represents a decrease in supply compared to the prior week, with a reduction of 27,000 MT. As a result, all of the available supply was sold, leading to a weekly fluctuation rate for VB ranging from -7.1% to 10.9%. The reduction in supply was primarily due to halted production from Shiraz and Abadan refineries. Notably, VB from the Arak refinery saw the highest increase at 10.9%, and the ratio between VB’s closing price and IME’s export bitumen price reached 95%. The average value of VB in the Free-Market USD was assessed at $285. Additionally, the value of VB in the Center of Exchange Dollar reached $341.
- In the IME’s export market, where approximately 66,500 metric tons (MT) of supplies were available, exceeding the previous month’s average by 3,700 MT, various bitumen types were offered. The prices for these bitumen types were as follows: Isfahan Jey Oil Bulk Bitumen was priced at around $310, considering the free market USD to IRR exchange rate, while Bandar Abbas Pasargad Oil Bulk Bitumen was available at $319 per MT. Additionally, Bandar Abbas Pasargad Oil Drum Bitumen was priced at $378 per MT, Arak Pasargad Oil Bitumen at $296 per MT, and Pars Behin Qeshm Oil offered bitumen at $295 per barrel. Despite the increased supplies, demand fell short, and not all offered quantities were traded.
- In correspondence with the Ministry of Oil, the Central Bank has conveyed its decision to utilize the exchange rate set by the Central Foreign Exchange and Gold Center as the benchmark rate for pricing feedstock and establishing base prices for commodities traded on the commodity exchange by oil refining and petrochemical companies. This directive aligns with the guidelines outlined in letter number 591/1402, dated 09/01/1402, which specifically addresses the calculation of exchange rates for these purposes.
- An important memorandum of understanding (MoU) has been officially inked between the Shiraz Oil Refining Company and Exir Novin Asia. This significant agreement aims to address the sulfur reduction issue within the furnace oil production process at the Shiraz refinery. The primary goal here is to substantially reduce the sulfur content in the furnace oil produced at this facility, which ultimately enhances the overall quality of the petroleum products manufactured there. Notably, the CEO of the National Iranian Oil Refining and Distribution Company had recently heralded the country’s achievement of advanced technical expertise in the field of sulfur reduction within the realm of refining industries. This MoU marks a strategic step towards realizing this technological prowess in practical applications within the Shiraz refinery.
Iran Bitumen Daily News on 3rd Sep 2023
- In the past week, the Iran Mercantile Exchange (IME) saw the supply of 187,000 metric tons of Vacuum Bottom (VB), with a demand recorded at 295,000 metric tons. This represented an increase in supply compared to the prior week, where the supply rate had surged by 56.51%, resulting in the entire supply being sold. The weekly fluctuation rate for VB prices ranged from 5.8-% to 7.7-%. The higher supply was attributed to outputs from all active refineries, contributing to an uptick in available offers. Significantly, the price of VB from the Isfahan refinery experienced the most notable decrease, dropping by 7.7%. This led to the ratio between VB’s closing price and IME’s export bitumen reaching 82%. In terms of value, the average price of VB in the Free Market was assessed at $267 per metric ton, while the value in the Center of Exchange Dollar reached $320 per metric ton. This data provides valuable insights into the dynamics of the VB market within Iran’s Mercantile Exchange.
- In the export market of the Iran Mercantile Exchange (IME), there were approximately 44,000 metric tons (MT) of available supplies, which exceeded the average from the previous month by 25,300 MT. This uptick in supply was influenced by the suspension of offers from Isfahan Jey Oil Drum Bitumen and a decrease in production from Isfahan Jey Oil Bulk Bitumen and Pars Behin Qeshm Oil. Despite the increased supply, the recorded demand was 26,900 MT, which fell short of the available supplies. Consequently, only part of the offers were traded. The negotiated equivalent rate for Isfahan Jey Oil Bulk Bitumen was estimated to be between 321 and 323 USD, considering the exchange rate between the free market USD and Iranian Rial (IRR) at the time of publication. The prices for Bandar Abbas Pasargad Oil Bulk and Drum Bitumen were set at 328 and 385 USD, respectively. Additionally, Tabriz Pasargad Oil bitumen was priced at 337 USD per barrel. This data provides valuable insights into the dynamics of the bitumen market within the Iran Mercantile Exchange.
- The Expediency Discernment Council has rejected the new parliamentary resolution concerning the provision of free bitumen. They have clarified that, based on their recent decision in this matter, the Parliament should not proceed with the new resolution. In late August, the Parliament had passed an amendment to paragraph (1) of the 2023/24 Budget Law, allocating up to 200 thousand billion IRR worth of free bitumen for infrastructure projects to be distributed to various governmental agencies. This amendment stated that, starting from the beginning of the year 2023/24, these agencies would receive monthly allocations of bitumen raw materials (vacuum bottom) and handle the associated expenses through interagency accounts and the national treasury, using the proceeds from the material deliveries.
- An important memorandum of understanding (MoU) has been officially inked between the Shiraz Oil Refining Company and Exir Novin Asia. This significant agreement aims to address the sulfur reduction issue within the furnace oil production process at the Shiraz refinery. The primary goal here is to substantially reduce the sulfur content in the furnace oil produced at this facility, whichultimately enhances the overall quality of the petroleum products manufactured there. Notably, the CEO of the National Iranian Oil Refining and Distribution Company had recently heralded the country’s achievement of advanced technical expertise in the field of sulfur reduction within the realm of refining industries. This MoU marks a strategic step towards realizing this technological prowess in practical applications within the Shiraz refinery
Bitumen FOB Price in August 2023
| Bitumen price | 1st week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 420-430$ | 425-430$ | 420-430$ | 420-425$ |
| Passargad Embossed | 420-430$ | 425-430$ | 420-430$ | 420-425$ |
| Bitumen 60/70 Private Factories | 415-420$ | 415-420$ | 410-420$ | 400-405$ |
| Bitumen 80/100 Private Factories | 415-420$ | 415-420$ | 410-420$ | 400-405$ |
| Jumbo Bag | 400-410$ | 405-410$ | 400-410$ | 380-390$ |
| Bulk Bitumen | 305-310$ | 310-320$ | 325-340$ | 320-335$ |
| VG Grades | 418-423$ | 418-423$ | 413-423$ | 403-408$ |
Iran Bitumen Daily News on 20th Aug 2023
The Iran Export Confederation has declared that importing a commodity as a consequence of an export transaction remains a viable method for fulfilling foreign exchange obligations. As outlined by the confederation, due to the suspension of commercial licenses and the repatriation of less than
60% of export revenues to the country, the central bank’s foreign currency working group has implemented a measure. This measure allows exporters, under the condition of providing a notarized commitment, 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 exports to China are anticipated to surge to their highest point in a decade, reaching a daily volume of 1.5 million barrels. This significant increase in export volume signals a remarkable milestone in the trade relationship between the two nations. Additionally, according to Bloomberg reports, there has been a reduction in the import of crude mixtures
along with bitumen to China. This reduction is attributed 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 changing patterns of international trade relationships. Meanwhile, the shift in the import dynamics of
crude mixtures with bitumen highlights the intricate balance between regulatory measures, customs
procedures, and trade flows in the energy sector.
During the previous week, the Iran Mercantile Exchange (IME) recorded the introduction of 182,000
metric tons (MT) of Vacuum Bottom (VB) while witnessing demand registrations totaling 361,000 MT.
This contrasts with the preceding week, during which the supply experienced a reduction of 4,000 MT. Notably, the entirety of the supplied VB was successfully 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 Tehran refineries contributed to a decline in the number of available offers in the market. In contrast, VB originating 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 dynamics. In terms of pricing, the average value of VB in the Free Market USD was evaluated at $290. Moreover, VB’s valuation within the Center of Exchange Dollar reached $345, underscoring the significance of currency fluctuations in influencing market trends.
Iran Bitumen Daily News on 6th Aug 2023
In the past week, 171 thousand tons of vacuum batons (8 thousand tons the previous week) were offered in the commodity exchange, and for this supply, 345,530 tons of demand was recorded, which shows a 4.21% decrease compared to the previous week. This week, the supply is 23,000 tons. increased and finally all the supplied vacuum batons were sold and the weekly fluctuation range was from -0.7% to 3.5%. The increase in supply compared to the previous week was due to the two times supply of Tehran Refinery and the increase in supply volume from He went to Bandar Abbas Refinery The vacuum baton price of Tehran Refinery experienced the highest increase with a growth of 3.5%, and the ratio of the final price of the vacuum baton to the export bitumen in the commodity exchange reached 113%. The average dollar value of the vacuum baton is based on the free dollar rate (Tari rate). Preparation of news (to 285 dollars and reached 347 dollars based on the exchange market.
In a letter, the Iranian Bitumen Association has warned about the tasteless action of the Road Organization in depriving the private sector producers of remittances of Tahatari bitumen. In this regard, the secretary of the Iran Bitumen Association said: The Road Transport and Transportation Organization, in a questionable decision regarding the delivery of vacuum batons, the raw material for the production of bitumen, has handed over the production of bitumen to only two specialized companies and to the private sector in which 70 manufacturing companies are active. They are removed from this process.
Last week, the one-month performance of Pasargad Oil Company was published in the Kadal system, which shows that this company produced 50 and 55 thousand tons of domestic and export bitumen respectively in July. 43% and 68% increase compared to June It gives in conditions that are equal to the products of Ardibehesht. The published information shows that the price of domestic and export bitumen of this company experienced a 5% decrease in price in July compared to June, while the viscosity of domestic and export bitumen was 10% and The price dropped by 13%.
Bitumen FOB Price in July 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 370-380$ | 390-400$ | 395-405$ | 410-417$ |
| Passargad Embossed | 370-380$ | 390-400$ | 395-405$ | 410-417$ |
| Bitumen 60/70 Private Factories | 355-365$ | 375-385$ | 380-390$ | 405-410$ |
| Bitumen 80/100 Private Factories | 355-365$ | 375-385$ | 380-390$ | 405-410$ |
| Jumbo Bag | 345-355$ | 365-375$ | 370-375$ | 390-400$ |
| Bulk Bitumen | 265-275$ | 273-283$ | 285-295$ | 285-295$ |
| VG Grades | 375-385$ | 378-388$ | 383-393$ | 408-413$ |
Iran Bitumen Daily News on 30th July 2023
Last week, the Iranian Mercantile Exchange (IME) witnessed a supply of 148,000 metric
tons (MT) of Vacuum Bottom (VB) with a notable increase of 6%. On the demand side,
361,000 MT of VB was registered. In the previous week, the supply rate had increased by
5,000 MT, and all of the supplied VB was sold, resulting in a weekly fluctuation rate of
2.6% to 10.3%. The surge in offers is attributed to higher output volumes from refineries
in Tabriz and Shiraz. Particularly, VB from the Tehran refinery saw the most significant increase at 10.2%. The ratio between VB’s closing price and IME’s export bitumen reached
93%, indicating a reduced gap between the two. As a result, there are expectations of possible divergence in the upcoming week. The average value of VB in the Free Market was
assessed at $298 USD, while its value in the Center of Exchange Dollar reached $355 USD.
• In the export market of the Iranian Mercantile Exchange (IME), supplies amounted to
approximately 44,000 MT, which was 10,000 MT less than the average of the previous
month. This decrease was attributed to halted offers from Arak Pasargad Oil and Jey Oil
Drum Bitumen, leading to a reduction in the overall supply. Despite this, there was strong
demand, with 76,650 MT of bitumen being registered, surpassing the available supplies.
As a result, all of the supplies were traded. Considering the exchange rate between the US
Dollar (USD) and the Iranian Rial (IRR) in the free market at the published date, the negotiated equivalent rate for Isfahan Jey Oil Bulk Bitumen was $321 USD. For Bandar Abbas Pasargad Oil Bulk Bitumen, the price was $328 USD, and for Drum Bitumen, it was
$378 USD. Additionally, the rate for Pars Behin Qeshm Oil was set at $313 USD per MT.
• Pasargad Oil Company recently released its financial statement for the first quarter. According to the report, the firm achieved sales of 37 trillion IRR, and its net profit amounted to 4 trillion IRR. Notably, the company’s export sales reached 142,000 MT, indicating a significant increase of ×2 compared to the previous year. However, domestic sales
were 127,000 MT, reflecting a notable decline compared to the same period last year.
• During the past week, the financial statements of Isfahan Oil Refinery Company and
Bandar Abbas Oil Refinery were made public. Both companies reported a significant decline in their net profits. Isfahan Oil Refinery Company stated that the reason for the
profit decrease was a reduction in the price difference between crude oil and its refined
products. Similarly, Bandar Abbas Oil Refinery attributed the decline in net profit to a
reduced gross operating profit margin, which resulted from lower oil product prices.
Iran Bitumen Daily News on 24th July 2023
Last week 143,000 MT VB were supplied in IME, close to the previous week,
340,000 MT demand were registered. In prior week, the supply rate declined by
7,000 MT clearly the whole amount was sold and weekly VB’s fluctuation rate
was from 0.7% to 8.6%. Due to reduced output volumes from Bandar Abbas refinery, the amount of offers has declined. Furthermore, VB from Abadan refinery
increased the most by 8.6% and the ratio between VB’s close price and IME’s export bitumen stayed at 90%, also VB’s average value in Free Market USD was
assessed at 284$. In addition, VB’s value in the Center of Exchange Dollar has
reached 336$, which demonstrates 15$ soar in comparison to the week before.
• Supplies in IME’s export market were around 48,000 MT and they were 4,800 MT
less than the prior month’s average. Due to offers from Tabriz, Arak, Abadan Pasargad Oil, and Pars Behin Qeshm Oil total amount of supplies was increased. For
this amount of outputs, 77,800 MT demand were registered and as it was more than
supplies, all of them were traded. Considering the free market USD to IRR exchange rate, at the published date, the bargained equivalent rates for Isfahan Jey Oil
Bulk and Drum Bitumen were 319$ and 375$ respectively. Price for Bandar Abbas
Pasargad Oil Bulk Bitumen was 303$. Furthermore, the rate for Tabriz and Abadan
Pasargad Oil was 303$ and Pars Behin Qeshm Oil Bitumen was assessed at 315$.
• Pasargad Oil Company’s annual general meeting was held at Jul 19. During this meeting, the firm’s CEO emphasized achieving 1,600,000 MT in production. He added,
in the last winter with the natural gas shortage, most of the firms produced fuel oil, as
a result, the company faced VB shortage and it had an impact on outputs. The CEO
also mentioned that the firm is aiming to sell energy via IME and it is under process.
• Meetings for Isfahan and Bandar Abbas were held in the previous week and
both companies highlighted the importance of refinement firms’ demands from
NIORDC. In Bandar Abbas refinery meeting it was announced that NIORDC
should pay 240,000 billion IRR but its’ funds are blocked. In this situation,
projects will not execute and a 5% government discount would be canceled.
Iran Bitumen Daily News 9th July 2023
Last week 143,000 MT VB were supplied in IME, by 5% increase, 306,000 MT demand
were registered. In prior week, the supply rate soared by 12,000 MT clearly the whole amount
was sold and weekly VB’s fluctuation rate was from 0.2% to 7.7%. Due to increase in outputs from Abadan, Bandar Abbas and Arak refineries, the amount of offers have increased.
Furthermore, VB from Tehran refinery increased the most by 7.7% and ratio between VB
close price and IME’s export bitumen reached 87%, also VB’s average value in Free Market USD assessed at 237$. In addition, VB’s value in the Center of Exchange Dollar have
reached 292$. VB’s average price base on Free Market Dollar demonstrate 3% increase.
• Supplies in IME’s export market were around 30,000 MT and they were 20,000 MT less
than the average of prior month. Due to halted offers from Bandar Abbas Jey Oil, Abadan
Pasargad Oil and Pars Behin Qeshm Oil total amount of supplies were declined. For this
amount of outputs, 63,600 MT demand were registered and as it was more than supplies,
all of them were traded. Considering the free market USD to IRR exchange rate, at published date, the bargained equivalent rates for Isfahan Jey Oil Bulk and Drum Bitumen were
270$ and 328$ respectively. Prices for Bandar Abbas Pasargad Oil Bulk and Drum Bitumen
were 280$ and 332$. Furthermore, the rate for Tehran and Arak Pasargad Oil was 267$.
• The CEO of National Iranian Oil and Distribution Company, Jalil Salari, referring to the president’s latest trip to South America and signing agreements, announced, “Our duty in NIODC is
to complete the value chain. As a result, necessary predictions for oil refinement in refinery chain
and continuation of it in petrochemicals chain were considered. One of the ongoing projects is to
construct a refinery in one of the South America countries and reinvest the earnings on the refinery.
• Muhammad Ali Khatibi, Iran’s former agent in OPEC, mentioned that, “In current times,
Iran will not enter the market in any countries but it will reopen the out of commission
refineries in countries like Venezuela, then transfer its oil to those refineries. In other
words, Iran’s crude is entering in lost markets and refineries that are out of commission.
Iran Bitumen Daily News 2nd July 2023
Last week 131,000 MT VB were supplied in IME, by 2.9% increase, 292,000 MT demand
were registered. Outputs offered by 390,000 IRR/USD rate in Jun 25 did not have any de
mand registered, on the other hand, supplies in Jun 27, which were based on 285,000 IRR/
USD rate traded completely. In prior week, the supply rate soared by 16,000 MT clearly the
whole amount was sold and weekly VB’s fluctuation rate was from 3.7%- to 14.9%. Due to
increase in outputs amount from all refineries and supplies from Tabriz refinery, the amount
of offers have increased. Furthermore, VB from Tehran refinery declined the most by 3.7%
and ratio between VB close price and IME’s export bitumen reached 89%, also VB’s av
erage value in Free Market USD assessed at 244$. In addition, VB’s value in the Center of
Exchange Dollar have reached 289$, showing a rise by 20$ in comparison to prior week.
• Supplies in IME’s export market were around 10,000 MT and they were 52,600 MT less than
the average of prior month. Due to offers only from Pasargad Oil Company, total amount of
supplies were declined. For this amount of outputs, 15,200 MT demand were registered and as
it was more than supplies, all of them were traded. Considering the free market USD to IRR ex
change rate, at published date, the bargained equivalent rates for Abadan and Tabriz Pasargad
Oil were 271$ and 282$ respectively. Furthermore, the rate for Arak Pasargad Oil was 275$.
• In an amendment, ORICA revised the dollar rate for oil products base prices to
285,000 IRR. Although, two days before, in a letter the association mentioned that
the dollar equivalent for oil products calculations was increased to 379,630 IRR.
• The financial statement of Pasargad Oil was published in last week. The statement
demonstrate that domestic and export sales of the firm were declined. During May
Jun, the firm sold 67,000 MT of bitumen in both domestic and foreign markets, al
though in Apr-May the mentioned amount was 105,000 MT. As the export bitumen
price was in its’ peak during Apr-May, sales amount of the company were on high
er levels and as the bitumen price began the bearish trend, sales amount also decreased.
Bitumen FOB Price in June 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 385-395$ | 375-385$ | 375-385$ | 375-385$ |
| Passargad Embossed | 385-395$ | 375-385$ | 375-385$ | 375-385$ |
| Bitumen 60/70 Private Factories | 365-375$ | 355-365$ | 355-365$ | 355-365$ |
| Bitumen 80/100 Private Factories | 365-375$ | 355-365$ | 355-365$ | 355-365$ |
| Jumbo Bag | 360-370$ | 345-355$ | 345-355$ | 345-355$ |
| Bulk Bitumen | 297-307$ | 280-290$ | 275-285$ | 270-280$ |
Iran Bitumen Daily News 18th June 2023
Last week 149,000 MT VB were supplied in IME, by 195,900 MT increase, 252,000 MT
demand were registered. In prior week, the supply rate soared by 119,000 MT clearly the
whole amount was sold and weekly VB’s fluctuation rate was from 0% to 34.7-%. Due to
outputs from all refineries except Tabriz, the amount of offers have increased. Furthermore,
VB close price and IME’s export bitumen ratio reached 79%, also VB’s average value in
Free Market USD assessed at 219$. In addition, VB’s value in the Center of Exchange
Dollar Bill have reached 259$, showing 15$ decline in comparison to prior week.
• Supplies in IME’s export market were around 68,000 MT and they were 24,600 MT more
than the average of prior month. Due to offers from all huge refineries except Pars Behin
Qeshm Oil total amount of supplies were soared considerably. For this amount of outputs,
37,900 MT demand were registered and as demand was weak, limited amount of supplies
were traded. Considering the free market USD to IRR exchange rate, at published date,
the bargained equivalent rates for Isfahan and Bandar Abbas Jey Oil Bulk Bitumen were
259$ and 291$ respectively. Furthermore, the rate for Jey Oil Drum Bitumen was 328$.
Prices for Bandar Abbas and Abadan Pasargad Oil were 294$ and 273$ respectively.
• The CEO of Imam Khomeini Oil Refinery Co., Majid Rajabi, in response to “what is
the firm role in Tehran’s air pollution?” mentioned, “Our Company, is only
produce and export fuel oil. However, it has been decided that the production
of fuel oil will be halted and another valuable substance will replace it.”
• The CEO of Municipal Department Housing and Urban Development referring to the latest
stages of constructing brand new bitumen factories mentioned, “Factory No. 1 is in the final
steps of testing, also gas and electricity branches were installed. Concrete flooring of new
bitumen pool is done and the bunker could store approximately 3,000 MT of bitumen
Iran Bitumen Daily News 4th June 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.
Bitumen FOB Price in May 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 420-430$ | 410-420$ | 410-420$ | 390-400$ |
| Passargad Embossed | 420-430$ | 410-420$ | 410-420$ | 390-400$ |
| Bitumen 60/70 Private Factories | 410-420$ | 400-410$ | 395-405$ | 375-385$ |
| Bitumen 80/100 Private Factories | 410-420$ | 400-410$ | 395-405$ | 375-385$ |
| Bulk Bitumen | 390-400$ | 340-350$ | 325-335$ | 310-320$ |
| VG Grades | 413-423$ | 403-413$ | 398-408$ | 378-388$ |
Iran Bitumen Daily News 29th May 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.
Iran Bitumen Daily News 14 May 2023
Last week 133,000 MT VB were supplied in IME, by 37.5% decrease 198,115
MT demand were registered. In prior week, the supply rate was soared by 55,000
MT clearly the whole amount was sold and statistically fluctuation trend was
from -1% to -45%. Due to outputs from Bandar Abbas refinery, the amount of
offers have increased and Abadan VB with 45% price reduction declined the
most. Furthermore, VB close price and IME’s export bitumen ratio reached 63%,
also VB’s average value in Free Market USD assessed at 195$. In addition, VB’s
value in Dollar Remittance have reached 270$. (Minus taxes and other fees)
• Supplies in IME’s export market were around 50,000 MT, although it was 2,000 MT
less than the monthly average of prior month and totally, it demonstrates declining in
outputs. Halted offer from Isfahan Jey Oil was the main reason. For this amount of
outputs, 55,700 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 320$ and Bandar Abbas Pasargad
Oil Bulk Bitumen was 304$. In addition, Pars Behin Qeshm Oil outputs were 303$.
• The central bank’s chairman announced that “Since the start of the year, approximately
11 billion 840 million dollar was allocated which 6 billion 738 million of mentioned
amount was supplied and deposited to accounts. The Currency Allocation and
Supply Committee was established and supply sources for every sector and
system is specified.” He added, “Recently a new committee is established in the
central bank in order to analyze money and currency infractions. In this field, we
have three infractions, first the exporters who did not return their earnings, second
those whom their Nima transaction was unclear and the last group are those
who bought foreign currencies in free markets, which this attempt is equal to
smuggling. Any firm that buys currency in unofficial markets will be subjected as
money laundering.” He insisted, “If we detect any fractions, their IRR and foreign
currency accounts will get check and finally we will make a decision for them.
Bitumen FOB Price in April 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 435-445$ | 430-440$ | 430-440$ | 430-440$ |
| Passargad Embossed | 435-445$ | 430-440$ | 430-440$ | 430-440$ |
| Bitumen 60/70 Private Factories | 425-435$ | 420-430$ | 420-430$ | 420-430$ |
| Bitumen 80/100 Private Factories | 425-435$ | 420-430$ | 420-430$ | 420-430$ |
| Bulk Bitumen | 345-355$ | 350-360$ | 360-370$ | 355-360$ |
Bitumen FOB Price in March 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 395-405$ | 395-405$ | 395-405$ | 395-405$ |
| Passargad Embossed | 395-405$ | 395-405$ | 395-405$ | 395-405$ |
| Bitumen 60/70 Private Factories | 385-395$ | 385-395$ | 385-395$ | 385-395$ |
| Bitumen 80/100 Private Factories | 385-395$ | 385-395$ | 385-395$ | 385-395$ |
| Bulk Bitumen | 305-310$ | 305-310$ | 305-310$ | 305-310$ |
Bitumen FOB Price in February 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 375-385$ | 390-400$ | 395-405$ | 395-405$ |
| Passargad Embossed | 375-385$ | 390-400$ | 395-405$ | 395-405$ |
| Bitumen 60/70 Private Factories | 385-395$ | 380-390$ | 385-395$ | 385-395$ |
| Bitumen 80/100 Private Factories | 385-395$ | 380-390$ | 385-395$ | 385-395$ |
| Bulk Bitumen | 315-320$ | 310-320$ | 305-310$ | 305-310$ |
Bitumen FOB Price in January 2023
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 380-390$ | 380-390$ | 375-385$ | 375-385$ |
| Passargad Embossed | 380-390$ | 380-390$ | 375-385$ | 375-385$ |
| Bitumen 60/70 Private Factories | 370-380$ | 370-380$ | 365-375$ | 365-375$ |
| Bitumen 80/100 Private Factories | 370-380$ | 370-380$ | 365-375$ | 365-375$ |
| Bulk Bitumen | 335-345$ | 335-345$ | 310-320$ | 310-320$ |
| Jumbo Bag | 360-370$ | 360-370$ | 300-310$ | 300-310$ |
Bitumen FOB Price in December 2022
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 425-435$ | 425-435$ | 400-410$ | 400-410$ |
| Passargad Embossed | 425-435$ | 425-435$ | 400-410$ | 400-410$ |
| Bitumen 60/70 Private Factories | 415-425$ | 420-425$ | 385-395$ | 380-390$ |
| Bitumen 80/100 Private Factories | 415-425$ | 420-425$ | 385-395$ | 380-390$ |
| Bulk Bitumen | 370-380$ | 370-380$ | 360-370$ | 340-350$ |
Bitumen FOB Price in November 2022
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 400-415$ | 425-435$ | 430-440$ | 440-450$ |
| Passargad Embossed | 400-415$ | 425-435$ | 430-440$ | 440-450$ |
| New Still Drum | 400-415$ | 425-435$ | 430-440$ | 440-450$ |
| Bitumen 60/70 Private Factories | 390-400$ | 415-425$ | 420-430$ | 430-440$ |
| Bitumen 80/100 Private Factories | 390-400$ | 415-425$ | 420-430$ | 430-440$ |
| Bulk Bitumen | 320-330$ | 380-390$ | 380-390$ | 430-440$ |
| Bitumen 115/15 | 580-590$ | 600-610$ | 590-600$ | 570-580$ |
Bitumen FOB Price in October 2022
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Jey Embossed | 400-410$ | 425-435$ | 415-425$ | 400-415$ |
| Passargad Embossed | 400-410$ | 425-435$ | 415-425$ | 400-415$ |
| Bitumen 60/70 Private Factories | 390-400$ | 415-425$ | 405-415$ | 390-400$ |
| Bitumen 80/100 Private Factories | 390-400$ | 415-425$ | 405-415$ | 390-400$ |
| New Still Drum | 400-410$ | 415-425$ | 415-425$ | 400-415$ |
| Bulk Bitumen | 320-330$ | 370-380$ | 330-340$ | 320-330$ |
| Bitumen 115/15 | 590-600$ | 600-610$ | 590-600$ | 580-590$ |
Bitumen FOB Price of 22th September 2022
| Bitumen Price | FOB Price |
|---|---|
| Bitumen 60/70 | 370-380$ |
| Bitumen 80/100 | 375-385$ |
| Jey Embossed | 380-390$ |
| Passargad Embossed | 380-390$ |
| Bitumen 115/15 | 570-580$ |
Bitumen FOB Price of 12th September 2022
| Bitumen Price | FOB Price |
|---|---|
| Bitumen 60/70 (Private Factories) | 380-390$ |
| Bitumen 80/100 (Private Factories) | 380-390$ |
| Jey Embossed | 400-410$ |
| Passargad Embossed | 400-410$ |
| Bitumen 115/15 | 600-610$ |
Bitumen FOB Price of 5th September 2022
| Bitumen Price | FOB Price |
|---|---|
| Bitumen 60/70 | 420-430$ |
| Bitumen 80/100 | 420-430$ |
| Bitumen 115/15 | 590-600$ |
| Jey Embossed | 420-430$ |
| Passargad Embossed | 420-430$ |
Bitumen FOB Price of 29th, August 2022
| Bitumen Price | FOB Price |
|---|---|
| Bitumen 60/70 | 415-425$ |
| Bitumen 80/100 | 415-425$ |
| Bitumen 115/15 | 585-595$ |
| Jey Embossed | 415-425$ |
| Passargad Embossed | 415-425$ |
Bitumen FOB Price of 22th, August 2022
| Bitumen Price | FOB Price |
|---|---|
| Bitumen 60/70 | 410-420$ |
| Bitumen 80/100 | 410-420$ |
| Bitumen 115/15 | 580-590$ |
| Jey Embossed | 420-430$ |
| Passargad Embossed | 420-430$ |
Bitumen FOB Price of 15th, August 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 400-410$ |
| Bitumen 80/100 | 400-410$ |
| Bitumen 115/15 | 565-575$ |
| Jey Embossed | 410-420$ |
| Passargad Embossed | 410-420$ |
Bitumen Price of 8th, August 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 395-405$ |
| Bitumen 80/100 | 395-405$ |
| Bitumen 115/15 | 555-565$ |
Bitumen Price on 1st, August 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 380-390$ |
| Bitumen 80/100 | 380-390$ |
| Bitumen 115/15 | 570-580$ |
Bitumen Price on 25th, July 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 370-380$ |
| Bitumen 80/100 | 370-380$ |
| Bitumen 115/15 | 560-570$ |
Bitumen Price on 18th, July 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 402-405$ |
| Bitumen 80/100 | 402-405$ |
| Bitumen 115/15 | 590-600$ |
Bitumen Price on 11th, July 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 415-420$ |
| Bitumen 80/100 | 415-420$ |
| Bitumen 115/15 | 600-610$ |
Expecting further price reduction before prices jump again
The global oil price index is down and in America -7.66% and Brent in Europe -6.88% has fallen and is at the lowest level in 5 months, The market is worried about the growth of the number of quarantine cities in #China, the world’s largest #oil importer.
- The spread of #Coronavirus in China was temporary and the city quarantine policy had a positive outcome in the past… In the future, we will witness a significant growth in global oil demand.
- OPEC says that the world’s oil consumption will increase by 2.7 million barrels/day in 2023 and the supply will increase by only 1 million barrels… OPEC members also have many problems to realize the current quota level and there is a possibility that the supply will worsen!
- Europe is serious about restricting Russian oil exports, and this is the reason for the drop in Russian production and limited supply
Commoditi Mr. Biden’s trip to #Arabia, despite its high political cost for the Democrats, shows the intensification of the world’s oil and energy crisis in the near future.
According to the current conditions, there is no hope for a decrease in the price of bitumen in the world markets, but there is an expectation of a decrease in the price of Iran’s export bitumen in the range of $400.
Bitumen Price on 4th, July 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 430-435$ |
| Bitumen 80/100 | 430-435$ |
| Bitumen 115/15 | 610-620$ |
Bitumen Price on 27th, Jun 2022
| Bitumen Grade | FOB Price |
|---|---|
| Bitumen 60/70 | 435-440$ |
| Bitumen 80/100 | 435-440$ |
| Bitumen 115/15 | 620-630$ |
Bitumen Price in Jun 2022
| Bitumen Price | 1st Week | 2nd Week | 3rd Week | 4th Week |
|---|---|---|---|---|
| Bitumen 60/70 New Still Drum | 455-465$ | 450-460$ | 435-445$ | 435-440$ |
| Bitumen 60/70 Jey Embossed | 465-475$ | 460-465$ | 450-460$ | 440-450$ |
| Bitumen 60/70 Pasargad Embossed | 465-475$ | 460-465$ | 450-460$ | 440-450$ |
| Cutback Bitumen MC30 | 755-760$ | 745-755$ | 740-750$ | 730-740$ |
| Bitumen Emulsion CSS-1 | 500-510$ | 495-505$ | 490-500$ | 480-490$ |
| Oxidized Bitumen 115/15 | 545-555$ | 535-545$ | 530-540$ | 520-530$ |
Daily Bitumen, 15 APR. 2021
Bitumen prices will be corrected next week probably because of some forecasts about prices fall in the next Persian month.
in IME we saw no tangible decline for VB price. This is because of the cargo shortage for export, But now the market and inventories level seem to be balanced and there are enough cargo to supply for Bulk and Drum. At the moment, the producers are watching the market to make the best decision. Moreover, as heard from IME, pipeline and Tanker VB supply will be combined by April 21 which will change the market situation and suppliers’ positions.
Latest New Steel Drum & Bulk Bitumen Price in 1st Week of March
FOB 350-355$ New Steel Drum
FOB 360-365$ New Steel Drum (Jey & Pasargad)
FOB 295-300$ Bulk
Daily Bitumen, 08 APR. 2021
We forecast a larger rebound in oil demand this summer than OPEC and the IEA, requiring an additional 2 mb/d increase in OPEC+ production from July to October,” Goldman Sachs said.
Everybody is looking for quick return to JCPOA in Vienna especially Iran and the USA. As heard today, the USA is ready to suspend some sanctions as soon as signing an agreement. This is good news for Tehran, and the exchange rate will probably decrease accordingly.
Now we expect that the VB price will decrease to the next 10 days but we don’t know how the exchange rate will react to Vienna news on Saturday morning.
Of course in IME, the buyers have purchased all VB supplies this week without any attention to political affairs. It seems that most producers are bothered with product shortages to cover their demands. Apparently, this year there is a competition of getting VB which we can call “VB war”.
Ref: S. Hamed Hosseini
Latest New Steel Drum & Bulk Bitumen Price in 1st Week of March
FOB 350-355$ New Steel Drum
FOB 360-365$ New Steel Drum (Jey & Pasargad)
FOB 295-300$ Bulk
Daily Bitumen, 16 MAR. 2021
It was a complicated and hard competition on Monday about Isfahan Refinery VB in IME (Iran Mercantile Exchange) which was surprising for all viewers. Most of the packages were sold to Jey Oil and Other companies could catch about 20% of supplied VB. Nobody knows about ongoing events in the next year but we will be witnessing at least 3% competition averagely for VB over the next months approximately.
Besides, we will have tax for Bitumen export next Persian year that will increase the final prices by about 1%. Therefore, 4-5% of price growth compared to base prices would be logical for any producer till the end of 2021.
It seems that competition will be becoming harder and harder. There is no time to stop and all exporters must determine the business strategy carefully. It’s expected that some companies will be losing their markets and can’t afford business costs completely up to next months.
Ref: S. Hamed Hosseini
New rule of imposing a tax on bitumen exports in an effort to support asphalt consumption within Iran, will increase costs for bitumen exporters from the current year.
Bitumen prices have risen by around 250-300pc in the domestic market over the past year due to stronger vacuum bottom prices, which may have bolstered margins for bitumen producers.
bitumen exporters’ margins were on average around 3pc in the past years, but the government has received about 25pc tax from domestic sales performance.
As a result of this new tax, higher bitumen consumption in the domestic market and a fall in bitumen export volumes are anticipated this year.
This will increase costs for bitumen exporters.
Latest New Steel Drum & Bulk Bitumen Price in 1st Week of March
FOB 350-355$ New Steel Drum
FOB 355-365$ New Steel Drum (Jey & Pasargad)
FOB 300-305$ Bulk
Daily Bitumen, 06 MAR. 2021
Brent is now flirting with the $70 mark after OPEC+ shocked markets once again by refusing to bring more oil production online. This is the most important surprising news over the past days which has changed all predictions about the market.
Today, new base prices were published by ORICA with 5% rise in VB base price compared to the last one. Moreover, exchange rate fell 2.5% approximately due to lack of demand at the end of the Persian year and some hopes to Iran-US relationships in the future.
It’s expected that Refineries will supply VB by tomorrow and the day after tomorrow with competition and the buyers, whether VB or Bitumen, should accept higher levels to purchase.
Ref: S. Hamed Hosseini
Latest New Steel Drum Bitumen Price in 1st Week of March
FOB 340-345$ New Steel Drum
FOB 345-355$ New Steel Drum (Jey & Pasargad)
FOB 285-290$ Bulk
Why Bitumen Price Will Increase 21 FEB 2021:
1- Last week market was under the influence of several varying factors. In Iran, the USD value against Rial was strengthened in late January 2021 due to purchase demand.
2- On 18 February 2021, Brent crude oil price reached its highest in the last 15 months (i.e. 65$/ barrel). It seems that the increase was the result of the unprecedented cold in the USA.
3- In Iran, the new price of VB has been released with an increase of more than 6%.
4-Shipping lines will apply GRI on the ocean freight which will increase the final cost of bitumen and other commodities.
Ref: S. Hamed Hosseini
Daily Bitumen, 17 FEB. 2021
Although Iran and Europe are trying to revive the “JCPOA” and keep this agreement alive, But the US shows no obvious interest to join in or accept previous commitments. In this regard, it seems that 21st Feb. deadline is so close to see a considerable progress in negotiations. Even though everything is possible in the politic world.
All news has supported oil price surge over the last week and as some countries predicted, the oil price reached 60$ in the first quarter of 2021. This level will be stable probably for the next week.
In Iran, new oil products base prices were just revealed by ORICA which showed 3% drop approximately in VB price up to the next 15 days.
It’s expected to see more demand in the market this and the following week because it would be the best opportunity for the buyers to take the position before the next growth in prices.
Ref: S. Hamed Hosseini
Daily Bitumen 13 Feb. 2021:
There has been no signal from US yet but it’s probably a calm before a storm. It’s expected that on the 23rd of Feb. Iran and US will start a synchronous plan to reaffirm their commitments. This is what EU, Russia, and China offer to both sides.
If it happens, exchange rate drop would be a possible scenario. In this scenario, Iranian Bulk Bitumen would reach 290 $ approximately by current Crude Oil price level.
However, there is another scenario too which shows no agreement between Iran and the US till end of Feb. Then Iran may increase enrichment percentage and change products to higher level of Uranium. It will cause the exchange rate growth and Iranian Bitumen would be competitive for all markets in Africa and East Asia.
Daily Bitumen, 01 FEB. 2021
On one hand, the US proved oil reserves remain flat but on the other hand, President Biden’s Federal drilling ban is bullish for oil. These are opposite signals for the oil market in this week and we don’t know which is much stronger. Prior to the Chinese New year, we expect less demand for oil products like Bitumen as much as fuel oil.
Iran’s Rial surged 16% a five-month high against the dollar as joe Biden takes office with a plan to revive the 2015 nuclear deal and provide sanctions relief
One dollar varied between 229,000-242,000 Rials. However, approaching the end of the week, the market got more stable.
Iran’s market is growing at a slower pace. Consequently, the world will not be satisfied with large inventories of bitumen in Iran and they would at least adjust supply and demand through time.
sellers and buyers should act cautiously in their deals to avoid heavy irrecoverable losses.
Daily Bitumen, 20 Jan. 2021
The market is waiting for Biden’s presidential inauguration to experience new days after the Trump era. There was no significant change in Oil Price and it kept level 55-57 $/BL. Of course, the Iraq Oil minister predicts that oil price will increase to 60 $/Bl till May 2021.
Now current prices are not workable at this time for FOB/Iran. Thus there are 3 ways for Iranian exporters to go on :
1) fuel Oil price growth
2) exchange rate rise
3) VB price fall
If one or two of the above items happen, Iran’s Bitumen can survive in the market again which is expected to occur up to the next 10 days. The new VB price just released today by ORICA that was 6% more than the previous price approximately.
Ref: S. Hamed Hosseini
Daily Bitumen price, 16 Jan. 2021
OPEC predicts a rebound in US Shale oil. OPEC upgraded its forecast for U.S. oil production, expecting an increase of 370,000 bpd, more than the previous forecast of 71,000 bpd. It means that current oil prices are attractive for Shale producers in the USA. Moreover, China has reported the highest Covid-19 case recently which brings some concern about the demand side.
An earthquake in Hormozgan province had no death or heavy damage as news reported.
Today In IME, as we predicted in previous Daily Bitumen, the market situation changed in Bandar Abbas VB supply and traders showed different behavior in purchasing VB. It seems that Bitumen producers have a big challenge up to the next week. On one hand, the exchange rate fell dramatically, and on the other hand, the oil price is steady on this level and the price can’t go higher than 285-290 $ for FOB Bulk.
Ref: S. Hamed Hosseini
Daily Bitumen price, 13 Jan. 2021
Bitumen and VB price increased in the market while the exchange rate fell. At the same time, oil price went up and we heard the news of recent forecasts about the average oil price in 2021 which is 60 $/BL.
Therefore, all of these subjects will end up with Iran Bitumen price growth up to the next weeks till this trend remains.
On the other hand, Bandar Abbas Refinery increased VB quantity in the next supply. It’s good news for producers to have enough raw material in Bandar Abbas. Thus It’s hard to predict VB price for the next week and this factor will affect all transactions in the market.
Now all markets are waiting for the Biden era to see what happens in the post-Trump world.
Ref: S. Hamed Hosseini
Daily Bitumen price, 06 Jan. 2021
This week, we have faced two important occurrences in Iran and the US. On one hand, Korea’s oil tanker was arrested by Iran’s military and on the other hand, the Senate election was held in the USA. The exchange rate increased due to the challenge between Iran and South Korea but it’s not a strong trend however after the democrat party winning in the GA Senate election, it missed yesterday’s growth.
In IME, Shiraz Refinery VB was traded by 7% surge while Tehran VB reached 10% competition. It shows that we will probably see more competition on Bandar Abbas and Isfahan Refinery this week.
Oil Price passed 53 US/BL and most of the specialists in the market expect new levels for that in 2021.
The last transactions showed that the price is still 260-270 $/MT for Bulk form while drum form is supplied at 320-330 $ for FOB.
Ref: S. Hamed Hosseini
Daily Bitumen price, 30 Dec. 2020
It was a working Wednesday in IME with supplying VB by Arak and Isfahan refineries which were traded by 4% and 8% competition on average. As heard from Bandar Abbas Refinery, the raw material issue has been solved and the refinery will supply more VB up to next weeks. On the other hand, it seems that THC cost has been corrected for exporters and it has been back to the previous amount which equals 177 $/20″FC.
The last transactions showed that the price is still 260-270 $/MT for Bulk form while drum form is supplied at 320-330 $ for FOB.
We expect that VB base price will increase a little next week.
A REPORT ON THE SITUATION OF BITUMEN PRICES IN THE DAYS LEADING UP TO 23 DEC 2020
Bitumen price today is affected by the price of the vacuum bottom, which is the base material for bitumen production. News about the discovery of Moderna vaccine with nearly 95% and Pfizer vaccine with 90% effectiveness, has significant signals on oil price, This week crude oil reached to 53.8$ per barrel and this side has a direct relation with bitumen price. sending a good signal to the project and daily demand increasing.
Moreover, new refineries’ capacity which will be created in 2021 in China, can be another signal for Crude Oil price surge because of more demand for Crude oil and less demand for oil products.
The market is sharply increased both in India and Iran. India’s price has increased by 44 USD per MT which has caused Indians to be more interested in Iran’s price. It is predicted that India will start increasing the demand for bitumen soon.
Iran has exported more petroleum products cargos recently and it is good enough for the macroeconomy and government to keep the exchange rate stable.
The USD exchange rate is fixing at 255,000-260,000 Rial.
Competition on VB is varying between 3-10%.
The bitumen prices are highly fluctuated right now, due to geopolitical tensions and changing shipping regulations.
Penetration Bitumen 60/70, 80/100, 40/50, VG10, VG30, ….. 320$-330$ Drum
Oxidized Bitumen 115/15, 105/15 90/40 150/5 85/25 90/10 340$ PP Bag
Latest New Steel Drum Penetration Bitumen and Oxidized Bitumen 115/15 FOB Price on 22 NOV 2020
The trend of rising prices for raw materials began on the first of last Iran month So that the V.B price increased by around 8,000,000 Rial and today V.B price increased again 5,218,000 Rial and according to US election, the USD rate is falling sharply So Iran Bitumen price increased dramatically
- Today Bitumen 60/70 price in New Steel Drum: 285-295$
- Today Bitumen 60/70 price in 1MT Jumbo Bag: 270-280$
- Today Oxidized Bitumen 115/15 price in 25kg PP Bag: 365-375$
Latest New Steel Drum Bitumen Price on SEP 2020
1st Week: 260-270$
2nd Week: 245-255$
3rd Week: 235-245$
4th Week: 235-245$
As you know, Iran Bitumen price is determined according to the raw material price (V.B) and USD Rate.
Raw material (Vaccum Bottom) price announced by the government in commodity petroleum products.
The price of raw materials is announced twice each month, First and middle of each month
Also, Another factor that affects the price of bitumen is the amount of competition of producers in the petroleum commodity bourse.
Latest New Steel Drum Bitumen Price on AGUST 2020
1st Week: 240-250$
2nd Week: 245-255$
3rd Week: 248-258$
4th Week: 258-268$
As you know, Iran Bitumen price is determined according to the raw material price (V.B) and USD Rate.
Raw material (Vaccum Bottom) price announced by the government in commodity petroleum products.
Also, Another factor that affects the price of bitumen is the amount of competition of producers in the petroleum commodity bourse.
Latest New Steel Drum Bitumen Price on July 2020
1st Week: 230-240$
2nd Week: 235-245$
3rd Week: 230-240$
4th Week: 230-240$
As you know, Iran Bitumen price is determined according to the raw material price (V.B) and USD Rate.
Raw material (Vaccum Bottom) price announced by the government in commodity petroleum products.
Also, Another factor that affects the price of bitumen is the amount of competition of producers in the petroleum commodity bourse.
The market of bitumen getting weak as now rule in countries again blockage coming and in wintertime expecting long blockage to protect their people. We expecting bitumen 60/70 to decrease to 180$/MT in near future!
PRICE OF IRAN BITUMEN ON 22th JUN 2020
V.B increase at least 14.5 USD
Today June 22, 2020
- VB Competition Tehran: 18%
- VB Competition Isfahan: 16%
- VB Competition Tabriz: 13%VB Competition Bandar Abbas: 17%
Today we are selling bitumen 60/70 and 80/100 FOB value is 235$/MT in the drum for Bandar Abbas refineries and 245-255$ for Jey & Isfahan Refineries
Prices of Iran Bitumen on 10th April 2020
As expected and Due to the sharp fall in oil prices because of Coronavirus, which has caused a sharp decline in demand, In the first of this Iranian Month and after Nowruz Holidays The price of raw materials, including vacuum bottom, also dropped by the government
So according to the USD rate, V.B Price, And also the competition of refineries to buying the raw material in the bourse, Iran Bitumen price is 220-225$ FOB Bandar Abbas in Drum.
Bitumen Price Forcast on March and April 2020
- The CoronaVirus has reduced the demand for crude oil.
- US shale oil’s export market share rise, which became a leading exporter in past months.
- Negative competition between Russia and KSA increases supply.
- Economic conditions and the decline of the Dow Jones stock index,
May allows oil prices to fall below $ 20 a barrel. then: - The US will fill its strategic reservoirs with cheap oil/ continue to manage the market stronger
- After that, the US will try to force Russia and KSA to reduce supply. Does bitumen follow the decline in oil prices? I think,
- In the product space for Iran’s bitumen due to lower supply and price difference above $ 80 with other manufacturers, the market is still ready to be absorbed like the Western Part of Africa / Indi.
- Due to the increasing demand for sea (land transport restrictions), shipping costs will increase
- Because of Iranian New Year will postpone the clarify of the new price to the first of April
The main issue is less heavy crude oil price isn’t good for all parts even Construction Filed.
Due to USD fluctuation and Coronavirus spread over the world oil demand decreased and oil price dropped to 45~48 and it is effected on bitumen price!
On the other hand for the safety of countries, they closed the border so the exchange of goods especially bitumen around Turkey, Georgia, Azerbaijan, and Turkmenistan also Uzbekistan stopped. The big volume of bitumen from Iranian companies stops to buy and sell so the Iran bitumen 60/70 price dropped to 260$/MT FOB of Bandar Abbas.
There is an OPEC meeting to cut the production but even they reduce the capacity there is one issue that Iran can not sell the bitumen not and it would be still pressured on price.
There is quite a potential possibility to reduce the bitumen price to 190-200$/MT FOB of BND as Turkey put a ban on import or transit of bitumen and some other petroleum products so imagine what will happen to the extra capacity of bitumen? North part of Iran bitumen factories are on close and raw materials can not keep so refineries much decreased the price as much as possible.
Price of Iran Bitumen within FEB 2020
The price of bitumen dropped due to Coronavirus in China and the Increase of dollar rate against the Rial and since the factory of the world located in China and they stop buying any material now. Some of them still on holiday and unable to go to the office and even the bank after the Chinese new year 1 day open and again closed. Oil prices are also expected to decline. So the market is in recession and price is 270 to 280$/MT in drum and Jey bitumen offered 217$/MT in bulk Ew of the factory now. meanwhile, raw material price didn’t come down yet and the same price as before refineries offering but the market expects to decrease at least 20$/MT and some other saying may 50$ drop!
Price of Iran Bitumen 21th Jan 2020
As you know, the price of bitumen is determined by the price of raw material (Vacuum Bottom) and V.B price is announced by Government in the Iran commodity bourse on the first of each Iranian month.
In this Iranian Month, V.B price increased 24% Than last month and Bitumen 60/70 FOB price in the drum is 290-295$/MT now still there is the chance to drop more.
Currently, the average IRR-USD exchange rate stands at 134,470 which is expected to have an upward trend in the coming days, Affecting directly bitumen selling price.
Price of Iran Bitumen from 23rd December 2019 to 12th Jan 2020
Due to the unchanged rate of raw material (Vacuum Bottom) in the Iranian commodity Bourse So Iran Bitumen price has not changed much.
- Bulk 220$ FOB BND
- Drum 260-265$ FOB BND
Bitumen Price 1th December 2019
Due to the many changes in fuel oil price and because of environmental agreement in France for 2020 to use less sulfur in the fuel oil must refineries are unable to sell the high sulfur fuel oil and price dropped. Some refineries converting the final product to bitumen and do not deliver fuel oil anymore so the price of bitumen dropped dramatically and from 300$/MT FOB price in August dropped to 220$/MT bulk FOB of BND. Bitumen 60/70 price in the drum is 260$/MT now still there is the chance to drop more.
The Intense Jump of Iran Bitumen Price in the Third Week of SEPTEMBER
Iran Bitumen price specifies in the first of each Iranian month according to the raw material price (V.B) announce by the government, In this Iranian month V.B price increased dramatically (Released in the stock market 35,579 IRR Per Kg). So, the forecast price for FOB Bandar Abass is 420$. With this situation, the market and export of Iran bitumen is currently locked.
Iran Bitumen Market SEPTEMBER 2019
This month V.B price has dropped 10-15 USD/MT, Accordingly, Bitumen price as per current exchange rate stands between 305-320 USD/MT on FOB Bandar Abbas Basis
Today’s Exchange Rates :
1 USD=112,100 IRR
1 EUR=124,600 IRR
1 AED=31,050 IRR
1 TRY=19,450 IRR
1 CNY=15,850 IRR
Price of Iran Bitumen in the Last Week of August
After the government increased feed of bitumen factories (Vacuum bottom) all bitumen factories agreed to stop buying and they put pressure to push back the bitumen price. During this increment, the price jumped from 305 to 370USD/MT in drum and again price cut to the same rate as before. SO CURRENT PRICE IS 305 to 310$/MT FOB VALUE.
Price of Iran Bitumen Review 15th July 2019
The exchange rate for the last month we are going to encounter an escalation in V.B price, We predict a price hike between 20-80 USD/MT
1 USD=127,500 IRR
1 EUR=144,850 IRR
1 AED=35,850 IRR
1 TRY=22,300 IRR
1 CNY=18,550 IRR
PRICE of Iran Bitumen Review 30th June 2019
BITUMEN PRICE ESTIMATION:
lf we want to forecast the prices of the V.B and bitumen for the next month, based on the current price of crude oil, we believe that there is the possibility of a 20 USD/ MT price hike in comparison to current bitumen prices. Note that any new unpredictable circumstances may affect this price.
1 USD=131,000 IRR
1 EUR=149,000 IRR
1 AED=35,850 IRR
1 TRY=22,650 IRR
1 CNY=19,000 IRR
PRICE of Iran Bitumen Review 24th June 2019
VACUUM BOTTOM PRICE:
As we predicted before, we encountered an escalation in V.B price for about 5-6 USD/MT.
Accordingly, this will lead to a higher sales price of bitumen by almost 5 USD/MT.
EXCHANGE RATE FLUCTUATION & BITUMEN PRICE ESTIMATION:
Considering the current Middle East situation, it is highly probable that IRR loses its value against USD much more in time. Thus bitumen price will drop shortly
1 USD=134,000 IRR
1 EUR=153,150 IRR
1 AED=36,500 IRR
1 TRY=23,550 IRR
1 CNY=19,550 IRR
Iran Bitumen Price 1th June 2019
Iran Bitumen feedstock namely V.B (Vacuum Bottom) has decreased by 5 USD/MT compared to last month, Standing FOB Bandar Abbas Bitumen price at almost 280-285 USD/MT offered by private producers and 290-300 USD/MT By Jey & Pasargad embossed drums.
Currently, the average IRR-USD exchange rate stands at 134,000:1 which is expected to have an upward trend in the coming days, Affecting directly on bitumen selling price.
Contact us for further information via info@rahabitumen.com or WhatsApp: 00989132050036, 00989133107534
Prices of Bitumen in the second weeks of May 2019
The price of bitumen from BND has reached the minimum possible rate since 6 months! Today’s rate is 290$/MT FOB value-packed in a steel drum. it is an interesting rate and like shock in the bitumen market. Apart from bitumen 60/70 other grades of bitumen also dropped like bitumen 115/15 to 390$/MT in 25Kg bag and cutback bitumen MC70 400$/MT in the new steel drum and bitumen emulsion SS1 to 345$/MT in the new steel drum.
May 02, 2019, Bitumen price
Today market price of bitumen 60/70 and 80/100 is 302$/MT FOB of BND packed in a steel drum. There is a bigger gap between Iran’s price and international rate and there is a chance for buyers now to buy cheap bitumen and make a minimum of 150$/MT profit on! We didn’t see in other times such big differences in commodities.
April 2019 bitumen price,
Normally price in other countries remains as of March and small differences. There is a big gap between Iran bitumen price and neighboring countries that should become up soon. Also in Lybia, Venezuela, and Iran, all oil producer is pressure from outside and production decreased so the market will feel shortage of material even in high price in a couple of months.
FOB Mersin port in Turkey bitumen price evaluation from Jan.01.2019 to Jan 07.2019
Bitumen price at Mersin port in Turkey is 320$/MT packed in the steel drum. It is a huge drop in bitumen after 6 months and expecting to reduce more until two months later. One of the main reasons is the drop in Iran bitumen price due to the difficulty of export and store of raw material in Iranian refineries and the shortage of vessels and containers to export.
Before 6 months ago half of the raw material converted to fuel oil and it was a good benefit for exporter but since Iran government rules asking to return the money to Iran based on a specific exchange rate this business also died and forced to bitumen to come down more and more and effected to market price in the region.
BITUMEN PRICE ON OCTOBER 2018
BREAKING NEWS!
BITUMEN PRICE IS NOT CLEAR AND EACH COMPANY SELLING AT DIFFERENT COST CALCULATION SINCE NEW RULES PUSH EXPORTER TO RETURN THE VALUE OF CARGO TO NIMA WITH SPECIFIC EXCHANGE RATE WHICH IS NOT POSSIBLE SINCE RAW MATERIAL CALCULATING BASED ON FREE MARKET EXCHANGE NOW!
Latest News About Iran Bitumen Price, September 3
Tehran Stock Exchange (TSE) reported today, along with the determination of the base price of oil and gas products based on the exchange rate of 4200 TMN/ USD, the price ceilings will be eliminated in order to launch competition and remove the shopping line.
According to Fars News Agency, from Monday 3rd Sep. all refinery oil products will be traded at an open price fluctuation ceiling.
After the elimination of the price fluctuation ceiling, vacuum bottom (VB), the raw material of bitumen, was released as the first commodity of petroleum products, rising 180 percent over the supply price.
This huge increase in price will result in serious troubles in both local and global markets of Iran bitumen and bituminous products.
Bitumen price from July 21 till 21 August
Iran bitumen price was not clear from the beginning of July till today that is why I didn’t update it. Government creates a rule for some of the products including bitumen that exporter must bring back the USD to Iran and in specific exchange (50% less than market price) rate then price jumped up and nobody interest to sell the cargo and everybody waiting to get new news from the government to resume the export.
BITUMEN PRICE SINCE MAY 23., TO JUNE 23 2018
Custom issue and clearance of bitumen already sorted out but the government increased the raw material of bitumen and jumped up 20% which is around 40$/MT so bitumen 60/70 and 80/100 reached to 300~305$/MT packed in the drum.
BITUMEN SALES TILL MAY 23 2018 IS ON HOLD TILL FURTHER NOTICE!
The government of Iran decided to hold export of bitumen till exporter get import license from the ministry of oil and then custom would be able to do clear.
After 7 days still, there is not any infrastructure and all of the export is in pending status and waiting for the ministry of oil.
In this way any bitumen price in the market is fake and buyers need to wait.
BITUMEN PRICE BREAKING NEWS APRIL 11 2018!
After too much fluctuation on USD value in Iran and a decrease of the price from 320 to 310USD now the market is freezed to see how the government will control the USD and at what rate it will get stable rate compare rial. All customers should more care from whom they are buying since government refineries are not selling now and nobody knows what the would be purchase price!
As soon as the price declared and released we will show it here!
BITUMEN PRICE FROM FEB 22 TO MARCH 22 2018
BITUMEN MARKET IS NOT STABLE angel AND DUE DAILY FLUCTUATION OF USD AND DEPEND OF DEPO OF FACTORIES THERE IS DIFFERENT RATE BUT GOOD QUALITY IRAN BITUMEN 60/70 AND 80/100 IS STARTING FROM 320 TO 330USD/MT NOW.
IRAN BITUMEN PRICE FROM 05 FEB TO FEB 22 2018
SINCE USD SUPPORTING EXPORT, BITUMEN PRICE DECREASED TO 285$/MT BULK AND 310$/MT IN DRUM yes. WE ARE EXPECTING PRICE COME DOWN MORE SINCE WE ARE REACHING TO IRANIAN NEW YEAR AND PURCHASE OF LOCAL COMPANY WILL STOP AND AVAILABILITY OF BITUMEN WILL BE MORE AND WOULD BE A PUSH TO COMPRESS THE PRICE AGAIN.
IRAN BITUMEN PRICE FROM 22 JAN TO FEB 5 2018
DUE DEVALUATION OF RIAL BITUMEN EXPORTER OFFERING BETTER PRICE
BITUMEN 60/70 AND BITUMEN 80/100 BOTH IN DRUM FOB OF BND 330$/MT AND IN BULK 300$ FOB VALUE
Vacuum Bottom Price on 11th Iranian Month
The trend of Tehran base price vacuum bottom
VB Price on 11th Iranian month is rased 3.24 %. So, the bitumen price will increase 7 to 9 USD/MT
Iran Bitumen Price From 5 Jan TO Jan 22, 2018
Due to the increase of USD in Iran and preparation of drum from the local market in Rial currency, there is some advantage on Iran Bitumen Price packed in the drum so bitumen 60/70 and 80/100 both can supply based on 335$/MT Also the bulk price of bitumen is 305$/MT now.
Iran Bitumen Price From December 22 to Jan 5, 2018
The new price of bitumen (Bitumen 60/70 and Bitumen 80/100) is 345 FOB Bandar Abbas packed in drum and bulk price 318$/ MT. The price was supposed to decrease but again 7 USD increased and the future market showing more demand in the market.
Iran Bitumen Price Fluctuations in 2017
Bitumen price from 22 November to 22 December
The َafter decision of IME and government regulator of price, from 22 of Nov they started to calculate the Vacuum bottom which is the raw material of bitumen by another formula:
1. before was based on the official rate of the central bank of Iran and now is USD base on the free market rate which is 20% higher!
2. adjusting VB price was monthly and they decided to control the price in a short time and release the sales price of VB every two weeks. Now everybody quoting higher than expected rate to be on the safe side but it is better to wait until Monday 27th of Nov. that IME will offer bitumen price then the official rate will specify.
As per the above reason, the bitumen price will fix base on 350~355 USD/MT FOB of BND.
Bitumen price in Iran take a turn for the worst
Raw material to produce high-quality bitumen in Iran increased bitumen prices by 67.00 USD/MT in the stock exchange.
Let us examine some of the causes:
One of the reasons bitumen prices in Iran have increased is due to the increasing crude oil prices. Another factor bitumen prices in Iran have ascended is the Government’s new policy for its new exchange rate against the USD. In the past 5 years or so Iran’s currency has lost nearly 400 % value against the USD. The Government in aims to control inflation on imported goods had provided certain products such as food and medicine a more affordable exchange rate. It also provided certain other less crucial imported needs of the nation a more affordable exchange rate. The government rate had always been less than that of the free market. Overall there was a decent gap between the Government’s exchange rates and that of the free market. With that virtually out of the way now the Government has decided to close the gap and increase it’s exchange rate to that of the free market. This new policy will impact nearly all aspects of Iran’s imported and exported product rates. Presently there will be a minimum of 10-20% difference in the value of purchasing or converting Government USD to that of the free market. For example, when in the past we bought bitumen or raw feed we paid the government in USD based on the exchange rates implemented by the government. Therefore by using this advantage, we were able to discount our bitumen prices for consumers. This is because we sold bitumen at the free market exchange rates but paid the government a lower exchange rate. But now we cannot provide this incentive and pass it onto our customers and we will look towards our officials to balance the scales and bring Iran bitumen prices within a more affordable range.
Will there be a reverse in Iran bitumen price policy?
in the past when such an event occurred the Government lowered the prices of Vacuum Bottom VB the raw material needed to produce bitumen which brought back bitumen prices to a manageable and predictable price range. If Iran’s bitumen industry would like to compete in the international market which we are certain it does it will create the necessary balance. With that said, Iran’s prices for bitumen is one of the most affordable bitumens available on the market.
Bitumen price October 22 up to 22th of November 2017
Bitumen price increase 6 USD/MT and reached 240 USD/MT bulk and 292 USD/MT packed in 185Kg steel drum FOB of BND.
The reason for the increase is the cost of the vacuum bottom which is 6 USD increased and the same rate applied to bitumen price. Another reason is the competition of refineries to purchase the feed and this week(October 22-29) just 10000MT VB was offered in IME but 70000MT was the demand of Bandar Abbas refineries and up to 10% they increased the rate.
Vacuum Bottom Price on 8th Iranian Month
Vacuum Bottom Price on 8th Iranian Month is raised 3.6 % which will be increased Bitumen price 6 to 7 USD.
Iran Bitumen Price October 1 up to 22 October 2017
The price of bitumen increased due to the increase in oil price. This increment is due to a shortage of VB in the Iran market and also the competition of refineries to buying the raw material is a very high rate. Normally the price of VB has the base price and then buyers competing to buy it and anybody who bid a higher percentage can take more cargo. So one of the reasons is competition. The second reason is oil price which is jumped up due Independent of Kurdistan and block of oil pipe like by Turkish government and the risk of the shortage of crude oil based on 600000 barrels per day which is a shock in the market.
Bitumen price based on 100% in advance is 279 and 30-70 TT is 284 USD/MT now Jey bitumen embossed cargo. Pasargad bitumen is 3$ less and same terms. Other private refineries offering 275–278USD/MT FOB of Bandar Abbas.
Weekly Changes Iranian Bitumen Price in October 2017
Weekly Iranian bitumen price changes are shown in above chart.
These prices are related to bitumen 60/70 & 80/100 market in October 2017 based on 30% T/T in advance. (Packaging: 180kg net weight new steel drum)
For L/C payment terms, 10USD/MT should be added.
Bitumen 40/50 price is about 5USD/MT more expensive than bitumen 60/70 price.
Iran Bitumen price September 3, 2017, to 22th of Sep.
Now is high season for bitumen all other bituminous products like bitumen roll sheet, bitumen primer, water-based bitumen, and solvent base bitumen So demand in the market increased too much angel and rainy season also in India and East Asia stopped yes So all buyer resume to work and recently even some of the refineries faced with a shortage of raw material!
So the current price increased too
1. Price of Pasargad bitumen is 272/MT
2. Jey bitumen is 277$/MT
3. Other refineries between 260 to 265 depending on payment terms and delivery time.
Vacuum Bottom Price on 7th Iranian Month
Vacuum Bottom Price on 7th Iranian Month is raised 2%; Which will be increased bitumen price 4 to 5 USD.
Predicting the results of Imo2020 implementation in the near future and its impact on the bitumen market
- Increasing the Sea freight due to the supply limit of LSFO in the short term.
- stability and even reduce the price of bitumen in penetration & Viscosity Grades, especially from Iran and Iraq, due to the increase in VB supply by refineries for the Bitumen instead of Fuel oil.
- Reducing the price of HSFO may less than $250 and reducing the price of a variety of Cutback bitumen due to the replacement of VB bitumen as the raw material with HSFO
- Bitumen of Middle East Coming to the new markets such as Southeast Asia and Latin America and the Northern part of Africa.
- Lack of bitumen supply by South_ Korea, Singapore due to further profitability in the production of LSFO which will increase its price up to 500 $/MT.
- Reduction of LSFO price in the long term due to the inexpensive oxidative methods of sulfur reduction by using additives in the Refineries and even Install Scrubbers on Ships to reduce Sulphur Oxide Emissions.
- Good news for Alternative Fuel producers like LNG Above Ideas based on Technical Data, May because of Political Reasons Saudi Arabia starting to export Bitumen to Eastern Africa.
With just over three months to go before the International Maritime Organisation (IMO) 2020 sulfur cap kicks in, the highly anticipated International Standards Organisation (ISO) specifications for compliant marine fuel have been released.
The new document is available on the ISO website and addresses quality considerations that apply to marine fuels ahead of the implementation of the maximum 0.5% sulfur cap for marine fuel by 1 January 2020.
Maritime stakeholders have been keen to view the document for clarity on actual specifications. The document defines general requirements that apply to all 0.5% fuels and covers technical considerations pertaining to characteristics such as kinematic viscosity, cold flow properties, stability, ignition characteristics, and catalyst fines.
Bunker fuels with low sulfur content are set to take up the majority of marine fuel demand once the IMO regulation is implemented.
Summery of About Bitumen Pricing
The Prices of Iran Bitumen which is offered by RABIT (RAHA BITUMEN) Co is the best bitumen price in Iran. Our weekly Iran bitumen price list per ton FOB Bandarabbas is Iranian bitumen prices based on Iran mercantile exchange bitumen price and it is a good price compared with Jey oil bitumen price and Pasargad bitumen prices. However, the best price doesn’t mean cheap price or low prices due to quality has cost. More Over, we provide Iran bitumen price forecast according to the world bitumen market which helps our customers to decrease their risk against fluctuate bitumen prices and maximize their profit. RABIT’s current bitumen rates today are one of the most competitive bitumen export prices in the Iran market.
Price of Bitumen (such as Bulk Bitumen Price, New Steel Drum Bitumen Price or other packing type prices) is based on different objects, one of the most important elements on Bitumen Price is Crude Oil price.
Crude Oil price mainly affects the Vacuum Bottom (VB) prices that is the main item to produce Bitumen.
Since the last 5 years, Crude Oil prices terribly decreased, so we are experiencing new conditions in the market.
Another element on the Bitumen Price is the Market Demand, market demand comes up from the Gross Domestic Product (GDP) of each developing country. Every tender or requirement for Bitumen in countries needs well finance, so, the economic condition of countries has a direct effect on the demand and Bitumen Price.
On the other hand, all the roads and construction projects would continue working on the Normal Weather condition so, in some countries like India, Bangladesh, Indonesia, and …, in the rainy season like Manson, the Bitumen Price will decrease.
In the end, Bitumen Package, Local transportation fee, National Holidays in Loading and Discharge Ports, type of Payment, and Sea freight besides the above mention items have a direct impact on the Bitumen Price We guaranteed the competitive bitumen price on our Exporting cargos. You can ask our team for the Price of Bitumen from the Inquiry page or send your request through email and mention Bitumen Package to get the best Bitumen Price by considering Prime Quality. Also, If you need other bitumen prices such as Bitumen VG 30 or VG 10 price or cutback bitumen price or emulsion bitumen price or PG grade Bitumen price or oxidized bitumen price please contact us for the latest bitumen price. We will try our best to satisfy our customers regarding the quality and price as well as delivery time.
We as the experienced and well-known Bitumen Supplier in the Middle East can operate and deliver any types of Bitumen with the best Bitumen Price and different types of Bitumen Packing and other Petrochemical products based on FOB, CFR, CPT, FCA, EXW, and CIF terms.
As our commitment, we provide all necessary export documents required by International Banks and customs at the Discharge Port.
PRICE OF IRANIAN BITUMEN FOR GRADE(S) 40/50, 60/70, 80/100, 85/100, VG10, VG30 (MAIN REFINERIES: JEY OIL, PASARGAD OIL REFINERY)
As our commitment, we provide all necessary export documents required by International Banks and customs at the Discharge Port.
Nowadays there are different bitumen prices with the same bitumen grade, quantity, specification, packing,… by different suppliers; but which factors really can affect Iranian bitumen price when most conditions are the same?
We are going to clarify this issue for Iranian bitumen here, which is renowned for the highest quality of penetration bitumen in the world.
There are several main refineries that produce high quality of penetration grade bitumen in Iran, two well-known are Jey oil & Pasargad oil refineries.
STORY OF CHEAP BITUMEN
Most of the Iranian suppliers buy bulk bitumen from refineries and do packing into steel drums. In this stage some suppliers because of their own benefit mix pure bitumen with low-quality bitumen or used oil.
These suppliers even for making more profit using refurbished used the drum for packing; this is the reason which they can offer cheap bitumen into the bitumen market!
This blended, cheap bitumen cannot meet international standards and it is useless for road construction.
(Have you ever check the real market price of pure bitumen on the Pasargad oil refinery official website? Pay attention to these factors on the Pasargad website: 1. At this time Pasargad refinery works based on 100% T/T in advance terms 2. Check out the Barrel/Drum packing, FOB price! 3. Pasargad refinery is not responsible for THC costs!)
Sometimes offer is based on Gross weight, it means bitumen plus drum weight; then buyers are offered less bitumen than their bitumen order! In this way, the bitumen price is cheaper than Net weight basis.
Another factor that influences Iranian bitumen prices is the terms of payment. Most of the Iranian suppliers cannot accept L/C because of active sanctions, for this reason, they try to give some small discounts to save orders base on T/T terms of payment. Although we can accept this type of payment with a good discount if there were any interest.
Our bitumen prices are based on market price and these products are produced 100% pure and of high quality!
