Bahrain's state-owned refiner Bapco has cut its bitumen prices by $10/t for the first time in 11 months, in line with a recent slide in Asian prices.
The producer yesterday reduced its listed prices to $395/t fob Sitra, effective from today.
This is the first cut to its prices since the last week of May 2020 when prices were at $180/t. Prices have since risen by 125pc to hit $405/t in the third week of March 2021.
The price drop is in line with a recent fall in benchmark fob Singapore prices from a near two-year high of $437.50/t on 19 March. Expectations of an increase in supplies from Singapore-based refiners in May have pushed discussion levels down in the past couple of weeks.
Argus assessed the ABX1 fob Singapore bitumen price for the week ending 9 April at $417.50/t fob Singapore.
