Prices

The two most important of these factors are the price of oil and the amount of supply and demand in the world.

Over the years, the bitumen price has been highly correlated with the oil price. Because bitumen is a by-product of crude oil.

Demand in the world also controls the bitumen price. Prices increase as demand increases.

Demand for bitumen depends on factors such as the local economy and the global economy that control the number of road construction projects.

Demand for bitumen from the United States and China, the largest consumers of bitumen in the world, greatly affects the bitumen price.

Also, factors that stop road construction and development projects, leading to a decrease in demand for bitumen lead to lower prices. These factors include geopolitical tensions, natural disasters such as floods and earthquakes.

In recent years bitumen price is influenced by the pandemic of Coronavirus. Due to the start of the pandemic bitumen price of the Middle East is fallen from $ 350 to about $ 160.

Although the pandemic conditions seem to be controlled, it still has some uncertainties.

If the condition keeps stable and moreover be better the bitumen prices will increase in 2022.

Bitumen is usually shipped by sea, so the coast’s conditions and shipping regulations also affect its price.