Bitumen Market Overview 15 Dec 2025

Global Geopolitical Update

The price of Brent crude oil remained around $62.Political talks on the Russia Ukraine war increased, with Western leaders calling for more pressure on Moscow
and Ukraine support groups planning aid coordination. In Latin America, tensions rose between the U.S. and Venezuela after a tanker was seized. In East Asia, Taiwan
and Japan warned about China’s military activity, while Beijing called it “legal.” The security situation in the Asia-Pacific region has become more sensitive.

Global Bitumen Market Update

In Africa, cargo price trends were mixed: Middle East Gulf loadings traded significantly higher, while Mediterranean exports to West African markets declined. Singapore seaborne prices came under pressure early in the week, reflecting weak buying signals and sluggish demand, but later stabilized as some suppliers resisted lower bids from Southeast Asian importers and inventory pressures eased. Iranian bulk prices rose due to limited cargo availability and delays in loading at Bandar Abbas, prompting suppliers to increase offers for prompt-loading shipments.

East Asia Market Overview

The East Asia bitumen market is currently grappling with weak demand and weather-related disruptions, as heavy rainfall and flash floods in Malaysia, Indonesia, and Vietnam continue to stall road projects and limit new purchases. While Singapore seaborne prices eventually stabilized between $360–$365/t FOB as inventories eased, high storage levels and ongoing monsoon delays have kept buying sentiment cautious across the region. Meanwhile, the market in China remains sluggish with little support from winter stockpiling, further complicated by supply chain concerns as increased U.S. scrutiny of Venezuelan crude threatens the feedstock availability necessary for domestic bitumen production.

Africa Market Overview

West Africa

Sharp declines in Mediterranean HSFO lowered bitumen cargo prices, boosting regional buying. The start of the dry season in Nigeria and other key markets drove strong demand for road construction and projects.

East Africa

Iranian bulk bitumen export prices rose due to higher delivery costs and tight supply from licensing and currency restrictions, supporting seaborne values to East Africa. Demand is expected to ease temporarily as year-end construction slows, though strong road building needs are anticipated in Kenya and Uganda for 2026. Drum bitumen
prices saw minor adjustments following recent gains.

South Africa

Market participants expect shipments to resume in the new year to Botswana, Zambia, Zimbabwe, and Mozambique. Asphalt firms in South Africa have paused operations for the holidays.

Middle East Market Overview

In Bahrain price remained at $400 fob Sitra.
In Iran bulk bitumen prices rose due to limited cargo availability and loading delays at Bandar Abbas, prompting suppliers to raise offers for prompt-loading shipments. Restricted vacuum bottom (VB) feedstock supplies reduced bitumen output and supported seaborne prices. Major exporter Pasargad Oil refrained from offering cargoes, and no offers emerged from Qeshm refinery, which remains closed with an uncertain restart date. Iraqi drum bitumen exports were slow due to weak demand.