India’s 2H April ex-Mumbai bitumen prices edge higher

India’s 2H April ex-Mumbai bitumen prices edge higher

India's 2H April ex-Mumbai bitumen prices edge higher

Mumbai, 18 April (Argus) — Listed ex-Mumbai bitumen prices in India rose for the second half of this month, on firmer consumption resulting from the onset of the country's peak season for road construction.

Indian state-owned refineries in Mumbai have increased bulk and drummed bitumen prices by 290 rupees/t ($3.80/t) for the second half of April. Prices of bulk VG10, bulk VG30, drummed VG10, and drummed VG30 are at Rs52,620/t, Rs52,920/t, Rs59,920/t and Rs60,720/t, respectively, for the current fortnight. Listed ex-refinery prices in India are usually amended every fortnight, with Mumbai prices regarded by participants as reflective of the wider Indian domestic market.

India's peak season for roadworks have started since early April because of favourable weather conditions. The season is expected to last until the end of June before the onset of the Indian monsoon season, that typically lasts until September. This, together with higher costs because of firmer crude and fuel oil prices, has driven Mumbai refineries to raise prices, participants said.

India consumed 895,000t of bitumen in March, up from February's 882,000t, but lower than the 1.01mn t in March 2021, according to the country's oil ministry. This underscores the potential for prompt