How to determine bitumen prices?
valuating complicated products such as bitumen requires complex knowledge in several areas. Considering the various types of bitumen such as viscosity grades, penetration grades or cutbacks, we need a basis to estimate the price. Benchmarks such as Argus media and ICIS have declared penetration grade 60/70 as the reference for the other bitumen prices. But how we can estimate the 60/70 bitumen price?
In the case of bitumen price 2021, a couple of variables are potentially capable to change the rate. Crude oil price, benchmarks, refineries and countries authorities and the market sentiments are just some examples. Let see some of the effects of the variables.
First, we should remember that every price is the result of the relation between supply and demand. When the supply rises we will see a decline in the price and when the supply is tight, prices keep going up. Therefore, there exist monitoring organization in every industry, including crude oil, which controls the power of supply. The Organization of the Petroleum Exporting Countries (OPEC) is s an intergovernmental organization which decide on a major segment of the oil market’s supply. Oil and bitumen prices are highly correlated.
Refineries and benchmarks also alter the market from time to time which you shall be aware of them constantly. Moreover, courtiers may apply various regulation for customs or environmental issues. As an instance, recently India has risen the custom duties on petrochemicals which led to a sudden increase in oil product imports. As a result, Vg bitumen price had undergone an increase.
Tracking all these data every day and analyzing them together is not an easy task. Besides the difficulty, it is very time-consuming. Reference companies and suppliers such as Bitumen Price have professionals doing all the assessments precisely.
What Does Bitumen Price Do?
BitumenPrice.org was officially initiated in 2018 as an international bitumen market analyst and supplier. It provides weekly price assessments of the international and the Middle Eastern bitumen market. Working with prominent suppliers and refineries of bitumen in The Middle East, it releases valid and up to date data of the market.
If you need to anticipate the bitumen or any other petrochemical product future price, you must know an extensive knowledge of the economy and financial markets in addition to fresh data of oil, bitumen and petrochemicals. Bitumen price is a pioneer in representing the current bitumen price and international future bitumen analysis. However, as they are located in the Middle East they have a wide network in the region, enabling them to be instantly aware of this crucial market.
Bitumen price expanded its activities after a year and came to the market to supply oil products beside market assessments. Currently, it is a professional team including both market analysts and sales experts. Their mission is to help the customers not just buy a high-quality product but also know the market trend and the perspectives. They help you decide the best time and price on the big bitumen market.