Bitumen Market Overview 24 June 2025
Crude Oil Market Update
Brent crude oil prices and bitumen price range saw a slight decline, falling from $68/bbl to $64/bbl, influenced by OPEC’s decision to maintain production quotas. The price drop was partially offset by a fragile ceasefire between Iran and Israel and the resolution of the recent US-China currency dispute. Market volatility is expected to continue due to ongoing geopolitical tensions.
Global Bitumen Market Update
Global bitumen price range showed a mixed trend. In Europe, bitumen prices decreased significantly due to reduced demand and falling fuel oil values. Conversely, in Asia, prices held firm on healthy demand and tight supply. The Middle East market was stable, with prices holding steady despite a brief increase. Latin America saw a drop in prices, primarily driven by weakened demand in countries like Colombia.
East Asia Market Overview
Singapore bitumen export bitumen prices remained firm, with prices for July-loading cargoes holding at $410-420/t FOB. Malaysia’s market remained subdued, with a lack of new projects and slow consumption. Traders are awaiting signs of economic recovery. Indonesia’s demand was weak, with ample domestic supply and imports from Singapore and the Middle East. Some refineries are expected to undergo maintenance in the second half of the year, which could tighten supply.
Thailand’s domestic consumption was moderate and consistent, supported by ongoing government infrastructure projects. In Vietnam, market activity was slow, with buyers holding high stock levels and limited new purchasing interest. In China, demand was weak, as ongoing rainfall in southern and eastern provinces disrupted road paving activities.
Africa Market Overview
Prices for bitumen cargoes to West Africa were slightly up, as demand for inventory building was strong before the onset of the rainy season. In East Africa, the market remained stable, with steady imports from the Middle East region. South Africa saw stable prices and a healthy demand for bitumen, supported by a number of road construction projects. A major refinery will undergo a turnaround in September, which could tighten domestic supply and increase reliance on imports.
. In West Africa, ongoing road projects were driving consistent bitumen demand. In East Africa, especially in Kenya, demand was supported by ongoing road construction and maintenance activities.
Middle East Market Overview
Bahrain
Seaborne bitumen prices were stable at $400/t FOB Sitra. A planned refinery turnaround in June and July has led to extremely limited supply, putting upward pressure on prices.
Iran
Bitumen export market was healthy, with demand from Southeast Asia remaining strong. Iranian suppliers are expected to reduce prices in the coming weeks due to the upcoming monsoon season in India, their largest market.
Iraq
Drummed bitumen prices were stable, but a recent driver’s strike had temporarily disrupted deliveries, causing some backlogs for suppliers.
