Bitumen Market Overview 8 December 2025
Global Geopolitical Update
Brent stayed in the $62–64 range during last week. Talks between Trump’s envoy and Putin ended with no progress despite Russia calling them “constructive.” Trump added tension by vaguely mentioning “closing Venezuela’s airspace.” NATO, reacting to Putin’s recent threats, held an emergency meeting and adopted a tougher stance, reaffirming full readiness to support Ukraine. In the Middle East, tensions stayed high but stable, with no major attacks or shifts, leaving the region outwardly calm yet fragile.
Global Bitumen Market Update
Bitumen prices fell globally because of weak European demand. The Mediterranean market stayed firmer due to tight supply. In Asia, Singapore and South Korean prices kept dropping as demand remained soft. African trends were mixed. In Nigeria, the start of the dry season boosted road work and increased imports. Singapore seaborne prices continued to slide as regional buyers stayed inactive, pushing suppliers to cut December offers. In contrast, Iranian bulk bitumen prices rose further because of limited supply and stronger demand.
East Asia Market Overview
Singapore prices continued to decline as the absence of regional buying inquiries led some suppliers to reduce Dec-loading offers. Market participants also cited minor shipment delays, as vessels discharging in the Philippines faced disruptions caused by typhoon-related damage. Selling indications for these cargoes were slightly above $370/t fob Singapore.
Demand in Malaysia stayed low because of heavy rainfall and flash floods. Importers said the year-end monsoon’s intermittent rain made road-paving work difficult. In Indonesia the rainy season continued to curb demand across Indonesia. West and north Sumatra and Aceh were still recovering from last week’s floods and landslides. In Java, paving activity remained steady but was slightly slowed by rainfall. Most flood-affected areas in southern Thailand regained accessibility and utility services this week. Demand in other regions remained stable, though export supply remained constrained. Demand in Vietnam stayed weak as monsoon rains, thunderstorms, and flooding disrupted operations. In Northern part of China consumption fell due to cold weather, and few major projects dampened market sentiment. Most expect no significant price recovery by year-end. In east China, high supply and low demand limited import interest, while imports in south China remained minimal.
Middle East Market Overview
In Bahrain price remained at $400 fob Sitra. Iranian bulk bitumen prices kept rising due to tight supply and strong demand. Exports were constrained by new rules requiring bank guarantees for foreign currency repatriation. Production also remained limited due to delayed VB deliveries from national refineries to private producers. Iraqi drummed bitumen prices rose, and trading activity increased, while exports from southern Iraq remained limited.
Africa Market Overview
West Africa
The pace of cargo arrivals into the region, particularly into Nigeria, accelerated about a month after the start of the dry season, supporting continuous growth in bitumen demand.
East Africa
Higher Iranian export prices pushed up delivered prices for bulk and drummed bitumen , while overall activity stayed steady. Drummed bitumen rose by $10/t, and bulk exports increased by about $3.6/t FOB BND. Truck flows to Kenya, Uganda, and the DRC remained consistent. In late Nov, Kenya’s government and two Chinese companies launched a major $1.5bn highway project.
South Africa
Several bitumen cargoes were being delivered to the country’s terminals, mainly intended to replenish local and regional storage ahead of the final active construction week before the year-end holiday.
