11 May 2012 06:37 [Source: ICIS news]
By Andrea Heng
Bitumen offers from
Fuel oil prices fell sharply during the week ended 10 May to $680-684/tonne, a drop of $50-53 from the previous week, according to ICIS.
Crude futures on the morning of 11 May hit their lowest level in the week to at $95.93/bbl, a drop of more than $1/bbl from the previous session.
WTI crude futures had started the week on 7 May, down by $3/bbl from the previous session amid renewed eurozone worries, a stronger US dollar and lingering concerns over
Across the region, bitumen prices dropped, tracking the downtrend of the FOB
Taiwanese cargoes were sold this week at $640/tonne FOB, down by $10/tonne from the prices in the previous week.
The country’s supply is expected to decrease for June, but demand from major importing region southeast
The government in Indonesia which is on track to commence their road building projects in June has bought their purchases earlier in the year and will not be purchasing in June, while Vietnam has entered its traditional lull demand period ahead of the monsoon season in August-September.
Buyers’ interest in bitumen at the current levels remains weak, with indications heard at the low $600s/tonne FOB
“A refiner offered bitumen at $660/tonne FOB
Despite the overall decline in
Drummed bitumen of Iranian origin to southeast Asia was offered at $600-625/tonne FOB
“Selling ideas are stronger mainly because the rial has appreciated against the US dollar this week, but buyers remain hesitant to commit because they are uncertain if the rial will maintain its strength against the greenback,” a Dubai-based trader said.
($1 = €0.77)
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