Bitumen Market Overview 15 September 2025
Global Geopolitical Update
Brent crude oil prices ranged between $66 and $67 per barrel, influenced by Middle East tensions including Israel’s attacks on Hamas in Doha, briefly impacted oil prices and global bitumen market update, but U.S. assurances helped calm the market. OPEC+ plans to boost production by 137,000 barrels per day in October, and rising U.S. crude and gasoline inventories, are putting downward pressure on prices. Geopolitical risks like the Russia-Ukraine war and possible U.S. tariffs on Russian oil buyers are still creating uncertainty.
Global Bitumen Market Update
European bitumen values fell due to weak demand and lower crude and fuel oil prices. North Africa imported significant volumes, but not enough to offset European supply in the Mediterranean. In East Africa, imported bitumen prices were stable or slightly higher. In Singapore, prices dropped due to low liquidity and weak demand. Iran’s bulk export prices also fell, with market activity subdued by religious holidays and currency fluctuations.
East Asia Market Overview
In Singapore, bitumen prices fell due to weak demand and limited liquidity. Upcoming refinery maintenance is expected to constrain supply, with October cargoes priced at $420–425/ton FOB.
Also in Malaysia, high inventories and heavy rains slowed road construction, pressuring prices, but demand may rise as weather improves and government projects resume and in Indonesia, overall consumption was steady but below last year, with some projects canceled or re-tendered; western regions saw relatively strong demand.
In Thailand, demand is stable and supply remains limited. Road construction budgets are unchanged, and paving activities continue as usual on the other hand in Vietnam, heavy rains and storage constraints reduced demand. Most central-region projects were completed before the monsoon season. Also in China Typhoon Tapah disrupted paving activities in the south, but interest in October exports from eastern China has been observed.
Africa Market Overview
West Africa:
Heavy rains slowed construction and road projects in Nigeria, Ghana, and Cameroon. Prices dipped slightly, though premiums for bitumen from Spain and Ivory Coast remained steady. Deliveries continued to Nigeria, Ghana, and Liberia during the last week.
East Africa:
Iran’s bulk bitumen exports fell by $6–7/ton FOB BND, while barrel bitumen rose by $1/ton, widening the gap between bulk and barrel prices. Demand remained high in Kenya, Uganda, and DR Congo, though supply was limited due to long delays in bulk shipments to Mombasa and political uncertainty in the Mid-East.
South Africa:
Domestic and export demand stayed stable, with supply increasing after Netraf produced a 5,000-ton shipment in early September. Road construction picked up with the new paving season, especially boosting demand for Pen 50/70 bitumen used in rubberized asphalt and road sealing.
Middle East Market Overview
Bahrain:
seaborne prices remained stable at $400/ton FOB Sitra. Market participants are seeking alternative sources in the UAE and South Africa.
Iran:
Bulk export prices declined and market was muted due to religious holidays and high currency fluctuations. Despite higher feedstock costs, the IRR strengthened against the USD, and supply remained limited. Some market participants expect reduced international tensions following Iran’s recent cooperation agreement with the IAEA. Demand from South Asia was weak, while barrel bitumen prices edged up, with buying interest observed from East Africa and Southeast Asia.
Iraq:
Lower fuel oil values and weak buying offers put pressure on barrel bitumen prices. Demand from India remained weak, while bulk exports to Turkey resumed.
