Last week we faced an increase of $20/t in prices of Iran export bitumen because of higher VB prices and positive changes in Rial currency. The market was almost quiet and demand was slow in most part of Asia due to lunar new year holidays, however Indian buyers were after lower prices through port inventories or previous stocks.
Suppliers were not in rush as the VB prices were increasing, and also instability of exchange rate related to Iran’s nuclear deal.
The bulk prices were about $385-395/t fob Bandar Abbas and there were no fresh cargoes trade on fob Bandar Imam Khomeini even with a $8-10/t markdown versus fob Bandar Abbas.
The suppliers’ offers for drum were about $460-470/t fob based on previous stocks, but just small volumes were sold at $440-455/t fob.
Absence of Chinese and Thai customers led to lower demand for jumbo bags, and only a small lot sold at $435-445/t fob.
Pasargad Oil sold 10,000t bulk cargoes at 97,830 rials/kg ex-Abadan($357/t) excluding fob charges on a fob BIK port. They sold 9,000t of 60/70 and AC40 in bulk at 109,299-109,249 rials/kg ($398/t) ex-Bandar Abbas last week. Pasargad Oil also sold 2,000t at 98,000rials/kg ex- Arak, 2,000t at 89,000 rials/kg ex-Tabriz and 102,500 rials/kg ex- Tehran. 
Jey Oil didn’t supply any bitumen last week and announced they would supply 20,000t bulk 60/70 and VG40 at 117,500-119,000 rial/kg ex-Bandar Abbas and a 6,000t of drums cargo would be offered on 111,000 rials/kg ex-Esfahan this week.
Vacuum Bottom (VB) feed price increased again by 31-45pc, due to high competition on the IME. 179,000t of VB feed demand was registered and 63,000t of VB was sold by refineries. 
According to Argus, “Bandar Abbas refinery sold 30,000t of VB feed at average 115,900 rials/kg, up about 8,600 rials/kg($34/t).  Tehran Refinery sold 6,000t of VB feed at average 105,442 rials/kg, up by 3,000 rials/kg week-on-week. Tabriz Refinery sold 4,000t VB feed at average 90,630 rials/kg, up about 4,000 rials/kg. Abadan Refinery sold 8,000t of VB feed at 108,300 rials/kg, up about 15,000 rials/kg. Esfahan Refinery sold 10,000t of VB feed at 100,200 rials/kg, with original offers at 76,200 rials/kg. Shiraz Refinery sold 5,000t VB feed at 107,680 rials/kg. Arak Refinery didn’t supply VB feed this week.”