Bitumen Market Overview – 9 March 2026

Global Geopolitical Update

Rising geopolitical tensions in the Middle East are continuing to influence the global crude oil and bitumen markets. The escalating conflict involving Iran, the United States, and Israel has increased uncertainty across global energy markets.

One of the main concerns is the disruption of maritime routes in the Strait of Hormuz, a vital corridor for global oil and petroleum shipments. Temporary closures and heightened security risks have raised fears of supply shortages from major producers.

As a result, Brent crude oil prices climbed to around $88 per barrel. Transportation costs for crude oil and petroleum products also increased significantly as shipping companies and insurers introduced additional war-risk charges for vessels operating in the Persian Gulf and the Gulf of Oman.

The heightened geopolitical risk has created strong volatility across global energy markets, forcing buyers and traders to reassess inventory levels, procurement strategies, and shipping routes.

Global Bitumen Market Overview

Bitumen prices across Europe, Asia, and Africa moved higher during the first week of March as the Middle East conflict tightened supply and pushed energy costs upward.

Export availability became increasingly restricted:

• Export supply from Singapore remained limited

• Bitumen exports from Iran and China stopped completely

The supply disruption pushed regional prices higher across multiple markets.

Import prices for bulk and drummed bitumen shipments to African markets also increased as crude oil and fuel oil prices rose. Shipping conditions worsened when several insurers withdrew war-risk coverage for vessels operating in parts of the Persian Gulf and the Gulf of Oman.

As a result, traffic through the Strait of Hormuz slowed sharply, creating additional uncertainty for regional bitumen supply chains.

East Asia Bitumen Market

Singapore

Bitumen prices in Singapore increased alongside the broader energy market due to concerns over feedstock shortages and potential refinery production cuts.

Price indications during the week included:

• Early April cargoes: $440 per tonne FOB on 6 March

• Mid-April cargoes: $415 per tonne FOB on 5 March

Despite the price increase, demand remained relatively weak because most buyers already held sufficient inventories.

Market participants reported that the US-Iran and Israel-Iran conflict disrupted feedstock flows across Asia. One Singapore refiner indicated that April production volumes may be reduced, and some customers were asked to postpone shipments until May.

Malaysia

Demand in Malaysia remained subdued. Most buyers focused on managing existing contracts while delaying new infrastructure projects.

Indonesia

In Indonesia, heavy rainfall and a lack of road construction projects continued to limit bitumen consumption.

Demand is expected to remain slow until after Eid al‑Fitr, when construction activity typically resumes.

Thailand

Availability in Thailand may decline in April due to feedstock disruptions. Several sellers have withdrawn April offers and could delay shipments.

Vietnam

Buying activity in Vietnam remained low for both March and April cargoes. Importers are focusing primarily on inventory management before placing new orders.

China

Suppliers in China raised bitumen prices amid concerns about potential disruptions to Middle East crude supply.

Reduced availability of Merey crude and logistical disruptions in Middle East shipping routes have further increased supply concerns.

Africa Bitumen Market

West Africa

Prices for cargoes shipped to West Africa increased following the global price surge.

However, several shipments loaded before the price increase are still arriving at regional terminals. Deliveries included:

• A cargo delivered to Abidjan

• Partial shipments to Guinea and Angola

Multiple cargoes also arrived at terminals in Nigeria.

East Africa

Prices for bulk and drummed bitumen delivered to East African markets increased due to:

• Higher Iranian export prices

• Rising freight costs

• War-risk shipping surcharges

Freight rates from Bandar Abbas and Jebel Ali rose significantly as shipping lines applied additional charges for cargoes moving from the Persian Gulf to Africa.

Despite these challenges, demand remained strong in key markets including:

• Kenya

• Uganda

Suppliers in Mombasa reported sufficient stocks of both bulk and drummed bitumen to meet domestic and regional demand. Market participants are also attempting to restart shipments from Jebel Ali once operations stabilize.

South Africa

In South Africa, local suppliers continued selling truck volumes from Gulf-origin cargoes below the gantry price during the week ending 6 March. As a result, price increases in the domestic market remained relatively limited.

Most of these cargoes were delivered through the port of Durban.

Middle East Bitumen Market

Bahrain

Seaborne bitumen prices in Bahrain remained stable at $550 per tonne FOB Sitra.

Authorities reported that an Iranian missile targeting the Sitra refinery caused a fire at one of the refinery units on 5 March.

Iran

Bitumen exports from Iran halted due to the ongoing conflict.

Key disruptions include:

• Closure of Bandar Abbas port

• Suspension of maritime traffic through the Strait of Hormuz

Additionally, labor strikes and an internet blackout have disrupted negotiations with buyers. As a result, no seaborne cargoes were offered during the period.

Private bitumen producers also expect reduced production levels because transfers of vacuum bottom (VB) feedstock have stopped.

Iraq

Bitumen export activity in Iraq slowed significantly due to the US-Iran conflict.

Most producers located in the Kurdistan Region were unable to offer cargoes. The closure of Bandar Abbas, an important transit hub for Kurdish-origin bitumen drums, disrupted export logistics.