South
Africa
Johannesburgb> Prices
were starting to firm on the back of improved demand heading into the southern
hemisphere’s summer season. South African bitumen prices, which have
traditionally been linked to fuel oil prices in Singapore, have benefited from
rising prices in Singapore.
Drum prices were pegged at around $230/t on an ex-refinery basis. Export prices were quoted at around $250/t fob. Strong demand from Angola showed no signs of slowing down, accounting for 25,000-30,000 drums/month. Angola’s consumption of bitumen has increased significantly as growth in oil revenues has led to increased public spending on building new bridges, dams and roads all over the country.
The demand and supply situation is more or less back to equity, sources said. Production had been reduced in the last two or three months due to a spate of refinery turnarounds starting from June.
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