Bitumen Market Overview 4 May 2026
Global Geopolitical Update
The geopolitical situation remains in a strategic deadlock with no clear path toward war or peace. The US continues its naval blockade of Iran and has formed a maritime coalition in the Strait of Hormuz. Vessel traffic remains heavily restricted, with only limited daily transits due to ongoing pressure and restrictions.
The Lebanon–Israel ceasefire has been extended but remains fragile, with continued sporadic clashes. Brent crude traded between $103 and $126 per barrel during the week.
Global Bitumen Market Update
Bitumen prices in Singapore fell due to higher supply and weak demand. In Europe, export prices rose, supported by higher crude and fuel oil values. Mediterranean cargo prices increased as crude and fuel oil rose. Truck prices in South Africa increased as import costs rose, and West African cargo prices also went up. Singapore prices declined further as regional supply grew and demand stayed weak. Iranian exports remained largely stalled due to disruptions in the Strait of Hormuz amid the US naval blockade.
East Asia Market Overview
Singapore prices fell as supply rose and demand stayed weak. Importers held enough stock and bought cautiously.
Production economics were weak, with bitumen below HSFO, though some refiners still produced due to feedstock constraints. Bids were around $550/t FOB or lower, but sellers rejected them.
Malaysia trade remained quiet due to weak regional demand and limited paving activity.
In Indonesia, buying enquiries emerged after Singapore price drops, but demand stayed weak as projects remained limited.
In Thailand, demand is uncertain due to US–Iran crude supply risks, with expectations of stronger demand from mid-May. Vietnam demand was weak as importers held high inventories and delayed projects due to high prices.
East China import demand was slow due to inventory drawdowns and limited South Korean supply.
Africa Market Overview
West Africa
Bitumen imports are expected to rise in the coming weeks. Paving slowed in Nigeria after late Apr rains. The government aims to complete projects before the June rainy season ahead of the 2027 elections. West Africa imports large vol of bitumen from the eastern Mediterranean.
East Africa
Import prices fell on lower Iranian bulk values.
Supply shortages persisted, with traffic still halted through the Strait of Hormuz. Iranian bulk export prices dropped by $75.63/t FOB BND. Drummed exports also fell by $10/t. Freight costs may rise, but no higher deals were seen. Demand in Tanzania and Kenya was weak due to high prices. Demand in Uganda and the DRC remained strong.
South Africa
The country remains at peak paving activity, although some holidays have caused a temporary slowdown. New cargoes are expected to arrive at the ports of Durban and Cape Town in May, before activity slows in late May and June as winter approaches. Road project work in South Africa increased in April.
Middle East Market Overview
Bahrain
Prices held steady at $550/t FOB Sitra
Iran
Exports remained largely halted due to Strait of Hormuz disruptions and the US blockade. Prices to South Asia fell as pre-blockade cargoes discharged in India. New loadings stopped due to lack of vessels. Drummed demand stayed weak as IRISL and NVOCC operations were disrupted and costs rose. Some earlier cargoes were delivered, but no new shipments occurred.
Iraq
Exports remained limited. Kurdish suppliers exited due to Iranian port disruptions and shifted to Turkey and Georgia. Umm Qasr and Basra cut output and focused on domestic sales.
