Bitumen Market Overview 4 August 2025
Global Bitumen Market Update
Donald Trump cut tariffs on European imports from 30% to 15%, likely due to EU pressure. He warned countries without U.S. agreements of possible 15-20% global tariffs. A major earthquake hit Russia, Japan, and Hawaii, while Brent crude oil prices rose above $72.21 due to sanctions on Russia. Talks with China were extended as the U.S. threatened a 100% tariff on Chinese purchases of Russian oil, escalating the global crisis.
Global Bitumen Market Update
Export bitumen prices from Singapore continued to rise; however, some market participants warned the upward trend might soon level off, as most buyers have covered their August needs. Iranian bitumen prices fell due to weak demand from key markets. Seasonal factors impacted many regions. Summer holidays reduced activity in several countries further weakening demand. In West Africa, heavy rainfall worsened the slowdown in project execution, causing a clear drop in bitumen consumption.
Africa Market Overview
West Africa:
Heavy rains have severely disrupted projects and bitumen demand, especially in Nigeria. Domestic sales have nearly stopped, with the rainy season also hitting markets like Cameroon and Ghana.
East Africa:
Projects steadily steer through late July. Kenya and Uganda saw increased government spending on road construction. Iranian bitumen export prices to the region have dropped. Concerns remain over potential impacts of U.S. sanctions on bitumen flows from the Persian Gulf to East and Central Africa.
South Africa:
Bitumen shipments—including Standard and PMB grades—continue from South Africa to Mozambique for major projects along the TRAC N4 Maputo corridor. Some suppliers say the Southern Hemisphere winter slowed projects, leaving imports in storage, while others report ongoing growth.
East Asia Market Overview
Singapore: Export bitumen prices have risen, but the upward momentum has slowed with restocking for August mostly complete, demand has softened. Monsoon rains in Southeast Asia have dampened construction activity. Most offers remain above $440/t FOB Singapore.
Malaysia: Demand remains stable with ongoing imports from Singapore. New infrastructure projects are expected to launch in the second half of the year.
Indonesia: Demand is steady, but buyers remain cautious. Road projects are planned to start in late August or early September.
Thailand: Despite lower domestic production, imports from Singapore continue. Drier weather has boosted construction activity.
Vietnam: Heavy rains and storms have reduced demand and delayed construction projects. Import prices remain high, facing buyer resistance.
China: Demand remains weak due to storms and heavy rain in eastern and southern regions. However, reduced production has helped limit price declines.
Middle East Market Overview
Bahrain: Waterborne export prices remained steady at $438/t FOB Sitra.
Iran: Export bitumen prices edged slightly lower due to weak demand. Some sellers resisted cutting offers because of higher production and logistics costs, while others hesitated to offer volumes, limiting supply. Trading of drummed cargoes increased as some importers sought to book September loadings, though most producers had limited volumes available due to prior commitments. Demand for bitumen in flexi-tanks from China showed signs of recovery.
Iraq: The continues to face raw material shortages and rising feedstock costs. A recent agreement between the federal government and the semi-autonomous Kurdistan region on oil production allocation has reduced feedstock availability for West most Kurdish suppliers absent, southern Iraqi sellers raised prices.
