Bitumen Market Overview 28 April 2025

Global Pressures Weigh on Brent Crude Prices

Brent crude oil prices dropped from $67.96 per barrel on April 20 to $65.80 per barrel by April 25, driven by U.S.-China trade tensions, OPEC+ production discussions, and rising non-OPEC output. Both OPEC and the IEA downgraded global oil demand forecasts for 2025.

Bitumen Market Sees Regional Price Shifts

The global bitumen market showed mixed trends across regions. Singapore prices dropped due to weak demand for May-loading cargoes. In contrast, South Korea and Europe saw price gains driven by rising crude and fuel oil values, with Rotterdam reaching $442-$447/ton. Mediterranean prices rose to $399.33-$403.67/ton, boosted by a recovery from mid-April and expectations of increased Libyan imports. Meanwhile, West Africa experienced modest activity as the rainy season affected road paving demand. Iranian prices were mixed, with lower feedstock values offset by a stronger Rial against the U.S. dollar.

East Asian Market Overview

The bitumen market in Asia has faced fluctuations in the past week, with supply-demand imbalances and weather conditions affecting road construction.

In Singapore, prices dropped to $415-420/t FOB due to weak demand and competition, with actual transactions around $410/t. Malaysia faces low demand and high delivered prices (~$510/t), while Indonesia’s demand remains weak, with prices dropping to $400-405/t. Vietnam sees stable demand but delays purchase due to high Singapore prices, with South Korean offers to southern Vietnam ranging from $440-450/t c/f. In China, monsoon rains have subdued demand in the east and south, while Shandong province has higher demand, with prices between $3,370-3,600/t ($462-494/t).

African Market Overview

Price trends are mixed, with heavy rainfall reducing demand across Sub-Saharan Africa.

West Africa: Moderate bitumen demand, with early rainfall affecting road paving in southern Nigeria, Cameroon, Gabon, and Congo-Brazzaville. Prices show slight fluctuations, with Ivory Coast seeing a small increase (+$6.94/t), and Kenya experiencing a small uptick (+$4.90/t). Security concerns are limiting supply. East Africa: Iranian bulk bitumen prices have slightly decreased, while drummed bitumen prices have risen modestly. South Africa: Domestic truck prices eased due to a stronger Rand and slower post-Easter demand.

Middle East Market Overview

Bitumen prices and demand are fluctuating, with some regions seeing price increases due to supply constraints, while others face downward pressure from feedstock costs, currency fluctuations, and geopolitical factors.

In Bahrain, the FOB price for bitumen remains steady at $370/t FOB Sitra. Limited demand is slowing export activities, with subdued demand continuing to impact exports. Iran’s bitumen prices for Pen 60/70 and VG40 bulk are $334-343/t FOB. Rising Rial values against the US dollar have countered losses from VB feedstock prices. Iraq’s export market is impacted by Kurdish suppliers raising prices due to tight supply and rising production costs.