Bitumen Market Overview 14 July 2025

Global Bitumen Market Update

Bitumen market overview last week, Brent crude prices fluctuated, reaching up to $68 per barrel. This volatility was driven by statements from Donald Trump regarding the potential imposition of new tariffs on European pharmaceuticals and semiconductors from countries such as Japan, South Korea, the EU, and BRICS members.

At the same time, the United States imposed new sanctions on Iran’s crude oil exports. The ongoing Russia-Ukraine war also added to the uncertainty, as Russia threatened to alter its military support.

Global Bitumen Market Update

Singapore bitumen prices kept rising on tight supply, despite early July drops in crude and HSF0 values. In the Mediterranean bitumen market overview, prices surged due to limited cargoes and higher fuel oil prices. Northern Europe had steady demand with strong imports to Nordic countries, while central and eastern Europe showed weak activity.

West African cargo prices rose, but demand slowed due to the rainy season. Indian exports remained weak, pressured by low Asian demand. Seaborne prices stayed soft, even with higher VB feedstock costs and a stronger Iranian Rial.

East Asia Market Overview

Export cargo prices from Singapore keep rising due to regional production cuts. August-loading offers hit $430-$440/ton FOB, though few sellers are active in the spot market. Malaysia’s demand is growing after stagnation, while large projects are delayed, smaller road works get support. Consumption through year-end. In Indonesia, consumption stayed weak but may rise soon. Import demand is low due to limited storage and adequate local supply.

Thailand’s export supply drowned due to lower output, pushing prices up. Vietnam’s July-August spot market activity was low with no deals, as many buyers already secured their monthly needs. In China, prices fell under pressure from weak demand and a lack of active projects, worsened by bad weather. Tropical storm “Danas” disrupted paving in coastal provinces.

Africa Market Overview

Prices of bitumen cargoes to West Africa have increased, although demand in the region has slowed due to the rainy season.

In East Africa, prices remained stable as shipments from the Gulf continued steadily. In Kenya, there is demand for bitumen, but recently it has declined due to cold weather. Cargoes are being sent overland to Uganda and Congo (DRC). In the past week, Iranian bulk bitumen prices decreased by $1-40 per Mt, while drum bitumen prices increased by $1 per Mt.

In South Africa, asphalt paving projects continue steadily, but cold weather has affected some parts of the country and prices have remained stable throughout the week. Starting from September, the Natref refinery will completely cease bitumen production, making South Africa fully dependent on imports.

Middle East Market Overview

Bahrain bitumen prices remained at $400 per ton FOB Port Sitra.

Iran’s bitumen export market remains weak due to low demand in Asia. Requests for drum bitumen have come mainly from Africa and Southeast Asia, while import demand has been constrained by rising Freight costs. Consequently, imports are increasingly seeking ready-to-load cargoes from Iran or neighborin regions. In Iraq, drum bitumen prices remained stable.