Waterborne bitumen price assessments are of trade in a defined volume of one or more bitumen grades, where ownership is transferred upon delivery from or to vessels at terminals within a defined region, and within a defined timeframe. For detailed parameters, see the assessments and specifications table at the end of this document.
In the absence of confirmed waterborne trade, assessments are of the range in which spot trade could have occurred. ATDM will determine that range with reference to one or more of:
• fob markets, where the assessment is for cif/cfr trade
• cif/cfr markets, where the assessment is for fob trade
• bitumen freight rates (see below)
• changes in the price of high-sulphur fuel oil and Ice Brent crude since the last publication
• price changes at competing or nearby bitumen markets
• consensus among participants in that market
Bitumen trade at outright prices or as a differential to high-sulphur fuel oil or Ice Brent crude will be considered for inclusion in the assessment of European, Moroccan and Ivory Coast waterborne bitumen prices. Trade at a differential to high-sulphur fuel oil or crude will be converted to outright prices for inclusion in the assessment using the traded differentials and the prevailing price of the underlying commodity at the time.
Bitumen prices are published as an outright price range as well as differentials to the average of published ATDM high-sulphur fuel oil assessments in the week of publication and the average of published Ice Brent one-minute marker prices in the week of publication.