Bitumen Market Overview 13 April 2026

Global Geopolitical Update

The main development this week was a fragile pause in the crisis, not an end to conflict. After rising tensions and fears of strikes on Iranian infrastructure, the United States, Iran, and Israel agreed to a two-week ceasefire mediated by Pakistan to open negotiations. No side has gained a clear advantage, and the situation remains an emergency pause rather than lasting peace. In the Strait of Hormuz, the market still does not consider operations normal. Although limited reopening was discussed and some vessels transited with Iranian coordination, free and unrestricted navigation has not been restored. In oil markets, Brent was above $110 earlier in April. It fell to around $92 after the ceasefire announcement, then rebounded to nearly $97 as concerns remained over the fragility of the agreement and ongoing supply risks.

Global Bitumen Market Update

Bitumen prices in Singapore and South Korea continued to rise due to tight supply, while European cargo prices showed mixed trends. South African truck freight rates increased, whereas West Africa cargo prices declined amid lower crude and HSFO prices. Iranian export trade remained weak as the US–Iran ceasefire failed to revive import demand.

East Asia Market Overview

Singapore prices hit new highs amid sharp supply reductions from widespread production cuts, while weak regional demand persisted. Idle vessels increased as shipowners struggled to secure cargoes. Chinese exports partially offset supply shortages, with offers at $670–$700/ton FOB Singapore.

Across Southeast Asia, high prices, limited supply, and elevated freight costs continued to suppress demand. In Malaysia and Indonesia, infrastructure activity remained constrained by budget pressures, with paving in Indonesia largely suspended pending government approval of revisions. Thailand saw weak demand ahead of Songkran, though tighter supply and crude disruptions linked to the Iran conflict are expected to support future import demand.

In Vietnam, consumption stayed weak due to project delays caused by funding gaps and high costs, while adequate inventories reduced import needs. In China, high prices and volatility limited buying to immediate requirements. Refinery output remained low and supply tight, with demand expected to weaken further as the rainy season begins.

Africa Market Overview

West Africa

Truck movements from the SMB refinery in Abidjan resumed, supported by previously stored crude from the January shutdown. Cargo flows continued despite Easter holidays, while strong dry-season demand absorbed available supply.

East Africa

Supply remained constrained due to limited Gulf flows. Iranian bulk and drum bitumen prices rose significantly, supported by higher steel coil prices following production cuts. Container freight rates to East Africa continued to increase.

South Africa

Domestic truck freight rates extended their upward trend as higher import costs, driven by the Iran conflict, were passed into the local market. Elevated prices may weaken end-user demand and require revisions to road project budgets.

Middle East Market Overview

Bahrain

Prices held steady at $550/t FOB Sitra

Iran

Export activity stayed weak as the US–Iran ceasefire failed to lift demand, with markets cautious over sanctions risks and Hormuz security. Most exporters withheld offers while importers waited for full reopening of the Strait.

Producers limited feedstock purchases and output, while suppliers focused on loading existing sales onto IRISL vessels. NVOCC activity remained constrained due to restricted access to UAE transshipment ports.

Iraq

Feedstock shortages and export constraints from BND pressured the market, while Kurdistan airstrikes and crude diversions to Turkey reduced output. Despite resumed Hormuz transit, no deals were concluded, and reliance on the route continues to pose downside risks to production.