Bitumen Market Overview 24 Nov 2025
Global Geopolitical Update
Brent crude stayed near $64 last week. The dispute between China and Japan over Taiwan increased regional uncertainty. Closer U.S.–Saudi ties hinted at potential changes in OPEC+ policies. Although these risks caused prices to rise, high inventories in OECD countries kept the market in a limited range. The U.S. military moves near Venezuela also increased the supply risk in Latin America.
Global Bitumen Market Update
Bitumen prices in Singapore, South Korea, and European export markets declined due to weaker demand. However, the value of Iranian bitumen cargoes increased in contrast with this trend, as supply remained limited. In West and East Africa, construction activity and bitumen demand continued to rise steadily, but persistent rainfall in South Africa reduced demand for large import cargoes, mainly to the port of Durban. Iran’s export trade expanded due to higher demand from key consuming markets amid limited supply.
East Asia Market Overview
Singapore’s export prices continued falling due to weak import demand and poor buying sentiment in Southeast Asia. Suppliers holding unsold cargoes lowered offers to attract buyers, but importers were in no hurry. Offers from regional trading companies were around $380–385/t FOB Singapore.
In Malaysia, demand rose last week as dry weather kept projects on schedule. However, the approaching northeast monsoon may bring heavy rains that could slow work. In Indonesia, overall consumption remained stable, but rainfall especially in Jakarta reduced demand for road paving. Gov year-end payments prompted some contractors to start new projects.In Vietnam, demand stayed weak due to ongoing monsoon rains disrupting construction. In Thailand, export supply remained tight as refineries focused on domestic sales due to strong local demand and higher margins. Consumption stayed stable under mostly dry conditions. In China, domestic prices fell with lower crude values, with smaller drops in Shandong and southern regions due to tight supply. Buyers remained cautious amid crude volatility, expecting further declines. In Vietnam, Taiwan-origin cargoes were less competitive, and demand from the Philippines remained weak as importers had mostly completed purchases.
Africa Market Overview
West Africa:
Activity and demand have strengthened steadily since the dry season began, supporting road construction. Nigeria’s road-building demand has grown since early Nov, but international traders preferring to wait for clearer demand signals from Jan onward.
East Africa:
Regional activity increased as rainfall subsided, particularly in Kenya. East African bitumen prices were mixed, with Iranian bulk export values rising by $23/t while drum prices fell by $3/t, narrowing the price gap. Scattered rains continued to affect countries such as Tanzania and the DRC.
South Africa:
Supply increased as several bitumen cargoes were discharged or en route to Durban, while persistent rainfall limited project activity. Market participants warned that incoming bulk cargoes could pressure the market further, as demand remains weak. Storage tanks in Durban and surrounding areas were full, forcing sellers to reduce prices to clear inventory for incoming shipments.
Middle East Market Overview
Bahrain:
price remained at $400 fob Sitra.
Iran:
Iran’s bitumen export trade expanded due to increased demand from key consuming markets, while supply remained tight. Some suppliers stayed on the sidelines because of export permit issues and foreign-exchange regulatory challenges, as margins at current offer levels remain squeezed. The increase in bulk cargo prices significantly narrowed the wide gap between bulk and drum prices.
Some suppliers reduced prices to attract buyers, but no deals were concluded at those levels.
