24 February 2011 09:04 [Source: ICIS news]
SINGAPORE (ICIS)--Taiwan’s Simosa Oil has sold by tender 8,000–12,000 tonnes of bitumen for loading from Mailiao in late March, traders said on Thursday.
The cargoes fetched $485/tonne (€354/tonne) FOB (free on board) Taiwan, they added.
The prices of bitumen, or asphalt used mainly for road surfacing applications, were assessed at $460–465/tonne FOB Taiwan in the week ended 17 February, ICIS data showed.
“A surge in global oil futures have sparked off higher fuel oil prices,” said a trader, referring to 180-cst (centistoke), which is the feedstock for bitumen.
Brent crude futures soared to above $115/bbl on Thursday afternoon and feedstock prices were expected to rise further as the tensions in Libya have stoked worries about oil supply disruptions.
Singapore 180-cst fuel oil prices closed Wednesday’s session at $628–629/tonne, up by $17.25–18.00/tonne from the previous week.
Market participants said the prices of Simosa’s deal would not be repeatable, considering the current high feedstock costs.
($1 = €0.73)
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