28 March 2012 09:41 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s bitumen prices reached a record high at $655-665/tonne (€491-499/tonne) FOB (free on board) on 27 March, backed by strong demand from China and Australia, traders said on Wednesday.
Singaporean bitumen prices have been increasing continuously since early January because of the healthy demand and increasing production costs.
The average price was at $657.50/tonne FOB Singapore on 27 March, up by $50.50/tonne or 8.32% from early January, according to ICIS C1, an ICIS service in ?xml:namespace>
In addition, two Australian bitumen refiners have reduced their output, international traders said without elaborating further. As a result,
Additionally, production cuts by two Singaporean refiners have boosted prices.
($1 = €0.75)
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