Iran’s bitumen prices at 15-month high on strong VB

: Oil products
21/01/29

Bitumen spot prices in Iran have risen to the highest level since October 2019, supported by unusual strength in vacuum bottom (VB) feedstock prices and steep fluctuations in the Iranian currency.

Spot prices for bulk bitumen were assessed at $290/t fob Iran on 22 January, up from $190/t in early October 2020.

Discussions this week are edging up as offers are at $295/t. But there was resistance from buyers, which retreated to the sidelines.

Prices may be near their ceiling on the back of mixed sentiment about the market outlook, given a relentless rally since the fourth quarter of 2020. Iranian market participants are also waiting for a clearer direction in terms of US sanctions, following a recent change in the US administration.

VB prices from Bandar Abbas rose this week by around $10/t excluding 9pc value-added tax from a week ago because of tight availability of bulk supplies. The value of the Iranian rial versus the US dollar has also dropped sharply following changes in the US government in recent weeks. The rial was valued at 209,000-235,000 against the dollar this week. The weekly average exchange rate on the Nima platform was 230,000 rials/$.

"No changes have happened on the sanctions [front] and difficulties in trading and transportation from Iran under the US sanctions [remain, so] we are shocked at this rally in Iran's prices," said a domestic source.

There are mixed views about foreign policies and the exchange rate volatility, with some suppliers not hopeful of quick changes under the new US administration. Expectations are that bitumen prices will move in line with market fundamentals.

Overall trading activity is muted, as the sharp rally in prices this week has left some customers confused. "We prefer to wait for a stable price. The current high prices are not logical and workable for our target markets," an Iranian trader said.

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25/12/18

Viewpoint: Japan's hybrid EV use keeps gasoline in mix

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US House clears hurdle to pass permitting bill

25/12/16

US House clears hurdle to pass permitting bill

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EU-Kommission möchte Verbrenner-Aus abschwächen

25/12/16

EU-Kommission möchte Verbrenner-Aus abschwächen

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EU eases ICE phase-out with 2035 CO2 car target: Update

25/12/16

EU eases ICE phase-out with 2035 CO2 car target: Update

Adds details on credits, transport commissioner comment in paragraphs 4-6 Brussels, 16 December (Argus) — The European Commission has proposed a new 90pc cut in car fleet emissions by 2035, replacing the previously agreed 100pc target that would have effectively phased out the sale of internal combustion engine (ICE) vehicles from that date The plan would allow some new ICE vehicles to remain on sale beyond 2035, alongside plug-in hybrids, range extenders and mild hybrids, as well as electric and hydrogen cars. The remaining 10pc of emissions would need to be offset through low-carbon steel, e-fuels or biofuels, according to the commission. The proposals need to be adopted by a majority in the European Parliament and among EU states. Automakers could also "bank and borrow" credits between 2030-32 to help meet the existing 2030 target of a 55pc cut from 2021 levels. Under the new proposals, manufacturers using these flexibilities would only need to achieve a 40pc fleet-average reduction, down from a previously planned 50pc. The commission indicated that credits for greenhouse gas (GHG) savings from e-fuels and biofuels can compensate up to 3pc of manufacturers' reference targets for 2035 and low-carbon steel credits can compensate for a further 7pc. Transport commissioner Apostolos Tzitzikostas said the credit system will boost uptake of sustainable fuels. "This is a clear signal than other technologies than battery electric vehicles (BEV) can be put on the market after 2035," said Tzitzikostas. Expanded carbon-neutral criteria would allow sustainable biofuels to help meet the targets that currently require 0g/km from 2035. EU renewable ethanol group ePure said emissions from ethanol were 79pc lower than fossil fuels in 2024, in line with previous years. The European Biodiesel Board reported savings of 77-81pc for biodiesel, using the official fossil fuel comparator of 94g of CO2e/MJ. German MEP Peter Liese criticised the original ICE ban, but said industry problems stem from market shifts, not from Brussels. "The industry must stop shifting the blame for its own mistakes and for market developments, for example in China, onto Brussels," he said, adding that he will push for green steel recognition before 2035. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU eases ICE phase-out with new 2035 CO2 car target

25/12/16

EU eases ICE phase-out with new 2035 CO2 car target

Brussels, 16 December (Argus) — The European Commission has proposed a new 90pc cut in car fleet emissions by 2035, replacing the previously agreed 100pc target that would have effectively phased out internal combustion engine (ICE) vehicles. The plan would allow some ICE vehicles to remain in use beyond 2035, alongside plug-in hybrids, range extenders and mild hybrids, as well as electric and hydrogen cars. The remaining 10pc of emissions would need to be offset through low-carbon steel, e-fuels or biofuels, according to the commission. The proposals need to be adopted by a majority in the European Parliament and among EU states. Automakers could also "bank and borrow" credits between 2030-32 to help meet the existing 2030 target of a 55pc cut from 2021 levels. Under the new proposals, manufacturers using these flexibilities would only need to achieve a 40pc fleet-average reduction, down from a previously planned 50pc. Expanded carbon-neutral criteria would allow sustainable biofuels to help meet the targets that currently require 0g/km from 2035. EU renewable ethanol group ePure said emissions from ethanol were 79pc lower than fossil fuels in 2024, in line with previous years. The European Biodiesel Board reported savings of 77-81pc for biodiesel, using the official fossil fuel comparator of 94g of CO2e/MJ. German MEP Peter Liese criticised the original ICE ban, but said industry problems stem from market shifts, not from Brussels. "The industry must stop shifting the blame for its own mistakes and for market developments, for example in China, onto Brussels," he said, adding that he will push for green steel recognition before 2035. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Iran’s bitumen prices at 15-month high on strong VB

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