Bitumen export offers from Iran increased by $40-50/t on 7 November as market sentiment received a boost from the announcement of the outcome of the US elections.
Bulk cargoes were offered at $200-210/t fob Bandar Abbas on 7 November and drum cargo offers rose to $270-280/t.Vacuum bottom prices were also revised and increased by about 5pc from two weeks earlier.
Market participants have been awaiting the outcome of the US elections since last week, with the hope that a win for Democratic candidate Jon Biden would lead to an easing of sanctions and foreign trade restrictions.
Biden’s apparent victory also strengthened the Iranian rial against the US dollar. The exchange rate stood at an average of 275,000 rials to a US dollar last week.
Iranian sellers have continued to try to raise prices despite a slew of sanctions-led restrictions. Demand has been patchy with key destination markets like India still recovering from prolonged Covid-19 lockdowns and an economic slowdown.