India’s first-half January bitumen prices fall

Market: Oil products
03/01/23

Listed bitumen prices in Mumbai declined by 2,000 rupees/t ($24.17/t) with effect from 1 January on the back of the recent weakness in regional bitumen prices.

Listed prices for VG 10 and VG 30 grades on an ex-Mumbai basis for bulk cargoes fell from the previous fortnight to Rs48,790/t and Rs49,090/t, respectively. There was a similar slide in prices for drummed material to Rs58,090/t and Rs58,890/t for the VG 10 and VG 30 grades, respectively.

Listed prices for VG 40 bulk lots fell by Rs2,290/t to Rs52,480/t ex-Mumbai.

State-controlled refiners BPCL and HPCL operate a 240,000 b/d and 190,000 b/d refinery, respectively, in the western city of Mumbai.

Waterborne bitumen prices in the Middle East, a traditional exporter to India, has steadily slipped for five consecutive weeks in the November-December period because of volatility in the local currency and persistent logistical bottlenecks at a key port. Argus assessed weekly Iranian bulk bitumen prices fell by about $63.50/t to $332.50/t fob Iran on 23 December, from $396/t fob in mid-November.

India's bitumen consumption in December was also slow as roadworks were hindered by prolonged funding issues and unfavourable weather in many states across the country.

By Sathya Narayanan

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India’s first-half January bitumen prices fall

Related news posts

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