India produced 1.63 million metric tons of bitumen during January to March 2022 compared to 1.76 million MT during the corresponding period in 2021. Generally, India's bitumen production decreased by 8% during January to March 2022, compared to January to March 2021.

Infinity Galaxy, the international bitumen supplier and market analyst, has published a review on the bitumen market and the prices in India in March and April 2022.

The bitumen production in India was 486,000 MT in January 2022, 547,000 MT in February and 599,000 MT in March 2022.

In March 2022, India's bitumen production increased by 10% compared to February 2022 and it decreased by 10% in March 2022, as compared to March 2021.

After bitumen prices in India increased by Rs. 4600 in the middle of February, bitumen prices remained strong. On the 1st March the bitumen prices again increased more than Rs. 2220. Therefore, the largest increase in bitumen prices was experienced in the Indian market in less than 30 days.

In the beginning of March, due to the conflict between Russia and Ukraine, the price of crude oil reached $116. Fuel oil prices also increased in line with rising oil prices, all of which pushed up bitumen prices in India by nearly Rs. 2200 as mentioned above. It was the largest increase in Indian bitumen prices in 2 weeks in the Indian bitumen market.

Indian refineries were also expected to raise bitumen prices by Rs. 1530 per ton in the second week of March. But in this time, the start of Ukraine-Russia war talks changed the price of crude oil to $106. However, the outbreak of a new type of Covid-19 in China and new quarantines in some of its cities put more pressure on lower crude oil prices.

On 16th March 2022, Indian refineries raised the price of bitumen by about Rs. 1300. They predicted the stabilized or slightly increased on 1st April in India.

In the last week of March, the price of bitumen in India increased almost slightly, and in the first week of April the bitumen prices increased by only Rs. 191, however the crude oil fluctuated sharply.

In the second week of April, the price of vacuum bottoms in the Indian market was expected to increase. but Indian bitumen prices in the market dropped as demand remained normal and local refineries supplied the same amount of demand.

In the third week of April, all India market participants expected Indian refineries to reduce their bitumen prices by Rs. 765 to Rs. 1000.

In the last week of April, these predictions were almost correct and prices fell by nearly Rs. 765.