14 June 2012 06:36 [Source: ICIS news]
By Alfa Li
SINGAPORE (ICIS)--Spot bitumen prices in the ?xml:namespace>
Sharp falls in crude and fuel oil prices have been dragging down bitumen prices in the
Duri crude, which is a major pricing benchmark for heavy crudes, has declined by 16.5% from late April to mid-June, while the price of Singaporean 180CST fuel oil decreased by 17.4% over the same period, according to data from C1 Energy.
China-based traders largely stopped purchases in late April as they already had enough inventories, while end-users’ demand from
Meanwhile, bitumen production in
Singaporean producers would have to cut prices to attract buyers, traders said, citing that the city-state's bitumen may only turn attractive at $550/tonne FOB.
($1 = €0.80)
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