Bitumen Market Overview 21 April 2026
Global Geopolitical Update
Current signals suggest the next round of indirect Iran–US talks may again be held in Pakistan. Israel–Lebanon talks have entered a ceasefire review phase but have not reached a final agreement. The market still views the ceasefire as a temporary diplomatic pause, not the end of the conflict. The Strait of Hormuz situation remains uncertain. Limited passage were possible after the ceasefire, but the US continues naval blockade and restrictions near Iranian ports. Transit risk through the Strait remains a key market factor. Brent crude oil fluctuated between $87 and $95 per barrel over the past week.
Global Bitumen Market Update
Prices declined across key export origins including Singapore, South Korea, and Europe due to weaker crude and fuel oil markets and the reopening of the Strait of Hormuz. Following the US–Iran ceasefire, cargo prices to West and Southern Africa fell sharply, while trucking costs continued to rise. Higher material costs delayed or suspended some construction projects. Iranian exports were largely disrupted due to the US Navy blockade of the Strait of Hormuz.
East Asia Market Overview
In Singapore, prices declined as May loading offers fell sharply and demand from Southeast Asia remained weak. Road projects were delayed or suspended due to higher-than-budgeted costs. FOB offers at $678–$690/ton saw no matching demand. Low prices in Vietnam and Indonesia further reduced import appetite amid sufficient inventories.
In Malaysia, consumption remained weak due to high bitumen and construction costs limiting paving activity.
In Indonesia, import demand stayed low due to high freight costs, limited government funding, and reliance on existing stocks.
In Thailand, holidays disrupted activity. Supply remained tight due to reduced crude feedstock. Two refineries remain under force majeure, which may support higher imports. In Vietnam, demand stayed subdued as contractors delayed commitments amid price uncertainty.
In China, prices declined due to weak demand and suspended projects, with added pressure from the rainy season. However, supply constraints supported price stability.
Africa Market Overview
West Africa
Imported bitumen prices fell due to lower crude prices, but they are expected to rise as pre-war stocks run out during the dry season. In Nigeria, Ivory Coast and Cameroon, truck prices are still increasing. Strong construction demand is keeping import needs high across the region.
East Africa
Demand in markets like Kenya remains strong. Gulf drum and bulk bitumen prices were mostly stable to slightly higher due to tight supply from shipping restrictions and US controls in the Strait of Hormuz. Iranian bulk prices rose by about $25/ton, drum prices stayed the same. Several cargo delays kept supply tight. Plans to shift shipments from JEA to Sohar have not started yet, but
South Africa
Regional activity remained strong, led by road spraying, rubberized asphalt, and emulsion works ahead of the May–Aug winter slowdown. Truck prices rose sharply due to higher import costs. Demand remained stable across Namibia, Botswana, Zambia, and Zimbabwe.
Middle East Market Overview
Bahrain
Prices held steady at $550/t FOB Sitra
Iran
Maritime exports have largely halted due to the US Navy blockade of the Strait of Hormuz. Several vessels are waiting offshore or facing delays entering Iranian ports, as shipowners avoid loading or transiting the Strait.
No new export deals or negotiations have been reported. Market participants remain cautious, awaiting the second round of US–Iran peace talks amid high geopolitical risk.
Demand for drum bitumen has increased.
Iraq
Export activity remains limited as most producers adopt a wait-and-see approach. Some Kurdish producers have cancelled contracts or declared force majeure.
Alternative export routes via Syria and Jordan are under consideration, but high costs limit their viability.
