Bitumen Market Overview 11 June 2025

Crude Market News

During the first week of June, Brent crude oil prices fluctuated between $64 and $65 per barrel. The primary factors influencing prices included renewed conflict in the Middle East, particularly heightened tensions between Israel and Hezbollah, raising fears of supply disruptions. Additionally, concerns over weak demand from China led to slower-than-expected economic data added bearish pressure. Meanwhile, OPEC+ reaffirmed its production cuts, offering some price support.

Global Bitumen Market Updates

Bitumen prices showed mixed trends globally. Northern Europe saw sharp cargo price increases, while Iranian prices declined amid reduced demand from the Middle East, compounded by Eid Al-Adha holiday disruptions. Mediterranean prices remained steady with minimal movement in both oil and crude prices. South African prices rose on stronger demand, while Mideast Gulf drummed export prices to East Africa fell. Singapore prices stayed stable as supply and demand remained balanced.

South-East Asia Market Overview

In Singapore, prices remain stable at $390-400/t FOB with limited inventory and stronger July demand expected, especially from Vietnam, prompting some traders to target $400-410/t. Malaysia sees low demand due to school holidays, Eid, and rain. In Indonesia, demand is sluggish amid delayed government tenders.

Thailand faces slow roadwork due to rain and low refinery output. Vietnam shows moderate demand with steady bids, though rain and sufficient inventories keep buying cautious; July interest is emerging, and NE Asia offers are present, but Chinese refineries have sold out of discounted stocks.

Africa Market Overview

West Africa:

Cargo prices remained stable compared to late May. Construction and bitumen demand stayed strong across Senegal, Ghana, Nigeria, Angola, and Gabon. Mideast Gulf suppliers are actively fulfilling drummed bitumen requirements. Limited rainfall in Nigeria has allowed road projects to progress through the dry season.

East Africa:

Construction activity and bitumen demand increased overall, though some markets like Uganda experienced slower project work. Imported bitumen prices eased, with Iranian bulk cargo prices dropping by $6.20/t FOB BND, and drummed bitumen exports weakening by $4/t FOB BND. Kenya’s demand is growing and projects in eastern Republic of Congo have resumed following a pause due to security concerns.

South Africa:

volumes from Natref refinery were offered at lower prices following the resumption of supply from the Sasolburg refinery.

Middle-East Market Overview

Bahrain:

Listed seaborne prices increased to $400/t fob Sitra. Sea-borne export activity remained tepid as supplies were limited because of a planned refinery turnaround in the region.

Iran:

Bulk bitumen prices extended losses amid reduced demand from the Middle East and India. Trading activities were thin thanks to Eid Al-Adha holidays.

Iraq:

Trading activities for Iraqi exports remained thin, as most suppliers were not actively offering fresh cargoes and were instead focused on clearing a backlog of deliveries.