30 May 2012 09:02 [Source: ICIS news]
Deal prices for east China heavy-duty paving bitumen were yuan (CNY) 4,850–4,950/tonne ($764–780/tonne) on 30 May, a drop of CNY25/tonne from 25 May, according to ICIS C1, an ICIS service in
Road projects in central
Bitumen demand for blending coking feedstock is also weaker. About 5% of northeast China’s bitumen was supplied to the coking feedstock and bunker fuel blending markets in May compared with 40% in the first quarter of the year, ICIS C1 data showed.
The lack of coking-use demand has caused refiners to supply more bitumen to the road paving market instead. This has consequently caused an oversupply in the paving market, traders commented.
The oversupply may intensify in June if there are no production cuts, market sources predicted.
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