Bitumen Market Overview 1 December 2025

Global Geopolitical Update

Geopolitical tensions are rising globally: in Europe, the Ukraine War has entered a new phase, and talks between Russia and Trump’s special envoy have yet to reach an agreement; in the Middle East, Israel has struck southern Lebanon, increasing regional tensions; and in East Asia, China faces severe economic growth, weak production and bitumen demand and consumption, pressures from the US’s new trade tariffs, and rising military concerns regarding Taiwan. Brent crude oil prices reached $62.

Global Bitumen Market Demand Update

Export prices in Europe softened because of weaker bitumen demand and declines in crude and fuel oil values. With seasonal winter shutdowns adding further pressure, especially in northern Europe across much of sub-Saharan Africa. Activity and bitumen demand increased, while prices remained mostly stable to slightly weaker. Singapore FOB prices continued to edge down amid abundant supply and limited spot buying. Interest in Indian bulk prices strengthened on tight availability, which is being sustained, but this is due to ongoing commercial cargo restrictions that reduced export-ready volumes.

East Asia Market Overview

Singapore bitumen prices fell again because supply is high and spot bitumen demand is weak. Heavy rains and flooding across southeast Asia made deliveries elevated as road-paving slowed. Chevron Singapore offered a 3,000t neat dec cargo at $380/t FOB, later lowering it to $375/t, but no deal was made. Higher Middle East prices have closed the arbitrage into Southeast Asia, yet supply remains ample. Importers expected further price declines and are unwilling to accept $375–380/t December offers. In Malaysia heavy rain and floods disrupted paving, keeping bitumen demand low. In Indonesia frequent rain and flooding cut consumption. Import interest was limited due to ample domestic supply. In Thailand demand fell, especially in Songkhla after floods. Dryer areas stayed firm and roadwork continued. In Vietnam the market demand low. Central Vietnam faced flooding and landslides; north and south were relatively stable. Regarding demand in China, remained weak, especially in northern regions where cold weather slowed paving. Some market participants are bearish on near-term bitumen demand due to weak infrastructure projects. Offers may face pressure in Dec as a major oil company plans higher refinery output nationwide.

Africa Market Overview

West Africa:

Import prices fell, following the weekly drop in HFO, although stronger HSFO versus crude limited declines in HSFO and bitumen. Scattered rainfall was still reported in parts of West Africa. Construction activity in Nigeria kept rising as the dry season progressed, bringing more cargo arrivals at local terminals.

East Africa:

Import prices were mixed. Iranian drummed export prices fell by $5/t, while bulk export prices strengthened by $8–$9/t. Iran and one of the main key suppliers to East Africa market. In Kenya, Uganda, Tanzania, and Congo, dry weather allowed uninterrupted paving works as contractors push to complete road and highway projects before the New Year.

South Africa:

Regional truck-delivered prices were stable in the last week of Nov. However, some South African market participants expect declines next month as importers move to sell large volumes before the mid-Dec construction shutdown. Road-paving activity in South Africa has increased since mid-Nov supported by drier weather.

Middle East Market Overview

In Bahrain price remained at $400 fob Srirat. Iranian bulk prices increased because of tight availability, leading to strained stock as exports faced commercial-cargo restrictions that limited export supply. This was partly offset by weak bitumen demand, with some buyers staying on the sidelines due to renewed concerns over sanctions. Iraq’s drummed bitumen prices remained stable after last week’s sharp decline, although trading activity stayed limited.