Bitumen Market Overview 22 September 2025
Global Geopolitical Update
Brent crude oil prices fluctuated between $62 to $64. The market faced downward pressure from rising Russian exports, increased OPEC+ output, and a projected oversupply by the EIA, while Ukrainian attacks raised supply concerns. At the same time, the U.S. and EU intensified pressure on Russian oil purchases, and the market is closely watching the Federal Reserve’s upcoming interest rate decision.
Global Bitumen Market Update
Bitumen prices remain under downward pressure in many regions, primarily due to weak demand. Seasonal rains have slowed activity in West Africa, while South Africa sees rising demand with the construction season starting and imported cargoes arriving at Durban and Cape Town ports. In Asia, Singapore export prices fell despite expected production cuts in October, due to excess inventories. In Iran, bulk prices edged lower as sluggish exports and concerns over potential UN sanctions added market uncertainty.
East Asia Market Overview
Singapore’s bitumen export prices declined slightly due to weak regional demand, while high inventories prevented support from expected October production cuts. Early-week offers for October cargoes at USD 415–420/ton FOB attracted no interest and were later reduced to USD 410–415/ton FOB.
Demand from Vietnam remained weak, and heavy rainfall in southern China following Tropical Storm Mitag may disrupt road paving activities.
In Malaysia, demand rose slightly compared to last week but remains sluggish, with ample supply from domestic and Singapore sources; demand is expected to increase next month with major highway projects and refinery maintenance. In Indonesia, consumption is steady but slow, mostly in the west; demand is unlikely to pick up until late October as most projects are still under tender, and most importers rely on long-term shipments. In Thailand, export supply is limited, and domestic supply is prioritized; rainfall slightly reduced consumption, but demand is expected to rebound quickly once conditions improve.
Africa Market Overview
West Africa
Mauritania’s bitumen imports may reach 20,000t by end-September. Nigeria’s demand stayed weak during the rainy season but is expected to recover from mid-October. In Ghana, regulatory hurdles on imports caused berth delays and high demurrage costs.
East Africa
Drummed bitumen import prices fell after lower Iranian rates. Iranian drummed exports dropped $6–7/t fob Bandar Abbas, while bulk eased just $0.2/t. Construction remained stable, though heavy rains hit Ethiopia, Sudan, South Sudan, and parts of the DRC.
South Africa
South Africa prepares for a full refinery shutdown by early October, with Natref in Sasolburg closing permanently. Botswana and Zambia continue truck imports, while sellers work to clear old stocks. Demand is now showing signs of recovery.
Middle East Market Overview
Bahrain
Marine bitumen prices remained unchanged at around USD 400/ton FOB Sitra, with limited export activity. Market participants were uncertain about the timing of the resumption of Bahrain’s sea exports.
Iran
Bulk bitumen prices declined slightly as export trade slowed due to weak demand. Concerns over the potential reimposition of UN sanctions on Iran continued to add uncertainty to the market. Barrel bitumen prices fell following lower Vacuum Bottom (VB) feedstock costs, while demand from Africa remained strong. Demand from South Asia stayed weak due to rainfall and sufficient domestic inventories.
Iraq
Export prices from southern Iraq came under pressure due to weak demand from South Asia and strong competition from northern Iraq, which offered lower prices.
