Bitumen Market Overview 30 June 2025

Crude Oil Market Update

This week, Brent crude oil prices and bitumen price remained stable, trading within the $64-68/bbl range. The stability followed a decision by OPEC+ members to increase production, coupled with an Israeli-Iranian agreement to halt military operations. Although the agreement has eased tensions and reduced market volatility, concerns remain due to the ongoing Russia-Ukraine war and potential trade disputes between the US and China.

Global Bitumen Market Update

Prices for bitumen cargoes in Europe showed a sharp decline this week due to a significant drop in fuel oil prices in the Mediterranean market. In contrast, Singapore’s export prices held firm, supported by a healthy supply-demand balance. Despite a slight decrease, Iranian bitumen prices remained stable. Meanwhile, in the Caribbean, heavy rainfall in Colombia has delayed road projects, reducing demand and causing prices to drop.

East Asia Market Overview

Singapore bitumen export prices saw a slight rise, supported by firm demand and a balanced supply. Most suppliers have already sold their July cargoes, with offers for August-loading material ranging between $420-425/t FOB. Malaysia has seen a noticeable increase in demand for bitumen, signaling a resumption of construction activities after a period of stagnation. In Indonesia, bitumen consumption remained weak, with domestic supply and imports from Singapore and the Middle East being more than sufficient. Thailand’s domestic market activity was moderate, with adequate stock levels and a steady flow of demand for ongoing projects. In Vietnam, market activity was subdued, with limited buying interest for July and August cargoes due to buyers holding ample stock. In China, demand was weak as continuous rain and low temperatures in the southern and eastern provinces disrupted road paving projects.

Africa Market Overview

West Africa

cargo prices held steady despite the rainy season, as buyers were keen to build inventories.

East Africa

Demand remained stable, where the market was well- supplied by steady imports from the Gulf region.

South Africa

prices held firm, with increased demand from road rehabilitation projects. The country is expected to become a net importer of bitumen starting in September 2025 due to a planned refinery shutdown.

Middle East Market Overview

Bahrain’s listed seaborne bitumen prices remained stable at $400/t FOB Sitra. However, supply has been extremely limited due to a refinery turnaround.

Iran’s bitumen export market saw a slight softening due to weak demand from India, which is currently in its monsoon season. Despite this, some traders were able to find buyers in the Far East and Pakistan.

In Iraq, suppliers were working to clear backlogs caused by a recent driver’s strike, with prices for drummed bitumen holding steady.