Weekly Global Bitumen Market Report – 8 May 2026

Executive Summary

The Asia-Pacific bitumen market continued to face downward pressure this week, with prices softening across most regional markets amid cautious buying activity and persistent geopolitical uncertainty. Although market participants remain attentive to developments surrounding Iran and the Strait of Hormuz, no significant breakthrough has yet materialized.

In Europe, bitumen cargo prices edged higher, supported by firmer crude oil and fuel oil values despite relatively subdued trading activity. While domestic prices declined across several Northwest European markets, selected Central European regions recorded modest gains as local supply–demand dynamics varied.

Mediterranean cargo values strengthened in line with rising upstream energy markets. West African import prices also increased, largely driven by firmer HSFO values, although broader energy markets continued to show volatility.

Across Asia, Singapore seaborne prices softened due to sluggish regional demand, even as supply pressures began to ease. Market participants noted that some refiners may prioritize replenishing low inventory levels during June, potentially limiting export availability.

South Korean export prices also declined, although prompt June-loading supplies are expected to remain relatively tight. Iranian seaborne bitumen values moved lower as parts of the market anticipated potential diplomatic progress that could support the reopening of the Strait of Hormuz and alleviate current supply constraints.

Global Bitumen Price Snapshot

The latest global pricing map highlights continued regional disparities across Europe, the Middle East, Asia, and Africa, reflecting ongoing supply-chain pressures, freight uncertainty, and fluctuating demand patterns.

• Northwest Europe remains among the highest-priced regions, with Rotterdam assessed at approximately $653/t, supported by firm upstream energy values and constrained cargo availability.
• Baltic and Mediterranean markets, including Greece, Italy, Spain, and Turkey, traded within a comparatively elevated range of $628–648/t.
• Asia remains softer amid subdued demand, with Singapore, Thailand, and Taiwan assessed around $555–558/t, while South Korean export values stood lower near $521/t.
• Middle East, particularly Iran, recorded significantly lower seaborne values around $443/t, influenced by geopolitical uncertainty and shipping constraints.
• West Africa remained firm, with Ivory Coast assessed near $738/t, reflecting elevated freight costs and tight import economics.

Key Market Highlights

• Europe continues to maintain the highest global bitumen price levels.
• Asian markets remain under pressure from slow demand and cautious buying interest.
• Iranian export prices stay competitive, despite logistical and geopolitical uncertainty.
• African import markets continue to reflect strong landed-cost pressure and freight premiums.

Regional Market Developments

West Africa

West African bitumen demand remained supported by ongoing road construction activity ahead of Nigeria’s January 2027 elections. Cargo prices increased during the week following firmer HSFO values, although upstream energy markets remained volatile.

• Nigeria’s domestic market remained stable, with healthy inventories from previous imports beginning to outweigh immediate demand.
• Some local suppliers reportedly offered discounted volumes to stimulate sales.
• Regional paving activity improved in northern Nigeria, while rainfall slowed operations in southern regions.
• Lomé recorded strong import arrivals, reinforcing its position as a key regional supply hub.

East Africa

Despite a sharp decline in Middle East Gulf bitumen prices, delivered values into East Africa remained elevated due to ongoing logistical disruptions and limited vessel movement through the Strait of Hormuz.

• Iranian export prices moved significantly lower, while container freight rates to key East African destinations remained stable.
• Market demand in Uganda and the DRC continued to show resilience.
• Importers increasingly explored alternative supply origins, including Europe, China, and Turkey.
• Upcoming East African cargoes are expected to be sourced primarily from Europe, potentially leading to higher delivered prices.

Southern Africa

South African domestic truck prices remained stable, supported by continued acceptance of higher-priced imports sourced from the eastern Mediterranean amid ongoing supply constraints from the Middle East Gulf.

• Paving activity remained active despite minor disruptions caused by public holidays.
• Additional cargo arrivals are expected in Durban and Cape Town during May.
• Seasonal winter conditions are likely to slow demand from May through August, as road sealing, rubber, and emulsion applications face temporary restrictions.

Asia-Pacific Market Overview

Singapore

Singapore bitumen prices softened amid subdued regional demand, although supply pressure eased compared with previous weeks.

• Most refiners have already sold out May-loading cargoes.
• June-loading discussions shifted toward formula-linked pricing mechanisms.
• Vietnam continued to show weak import interest due to seasonal wet weather.
• Indonesian buyers displayed firmer demand, with several transactions concluded below $560/t FOB Singapore on a netback basis.
• Domestic Singapore prices declined in line with weaker international markets, while supply for truck exports to Malaysia remained more than sufficient.

China

China’s bitumen market remained stable to slightly firmer despite weaker crude prices late in the week, supported by persistently low output from major refiners and tight regional supply.

• Demand faced pressure from rainy weather, elevated prices, and limited infrastructure funding.
• Import activity remained subdued due to competitive domestic pricing and limited fresh offers from key exporters.
• Export discussions from south China to Vietnam increased, with several deals concluded around $560–570/t FOB south China on a netback basis.

India

India’s bitumen demand remained relatively weak, as many contractors continued to resist higher domestic prices and faced ongoing funding constraints.

• Import interest stayed stable to firm, particularly for prompt cargoes ahead of the remaining peak demand season.
• Geopolitical tensions in the Middle East disrupted vessel movements and limited seaborne trade discussions.
• Some Iranian offers emerged around $340/t FOB Iran, but shipping risks through the Strait of Hormuz restricted trading activity.
• Domestic prices on India’s west coast softened due to rising inventories following recent cargo arrivals at ports such as Mangalore and Karwar.
• Drummed cargo availability remained tight, supporting relatively firm pricing levels.

Iran Bitumen Market Update

Iranian bitumen export prices softened during the week amid cautious optimism surrounding a potential diplomatic breakthrough regarding the reopening of the Strait of Hormuz.

Read about “Iran Bitumen Market Analysis“

• Bulk cargo offers were reported around $330–340/t FOB Bandar Abbas, although elevated shipping risks and limited vessel availability continued to restrict spot trading activity.
• Market sentiment remained cautious, with buyers closely monitoring freight volatility, sanctions-related risks, and fluctuations in crude and HSFO values.
• Iranian suppliers largely resisted lower price levels due to rising production costs and expectations of firmer Vacuum Bottom (VB) feedstock prices.
• Overland export routes remained comparatively active, particularly toward Pakistan, Afghanistan, and Turkey.
• Drummed cargo trading stayed subdued due to shipping disruptions, high logistics costs, limited container availability, and operational constraints affecting regional container services.
• Jumbo bag offers were reported around $400–420/t FOB Bandar Abbas, although no major fresh transactions were concluded as suppliers prioritized existing commitments to Asian and African destinations.

Conclusion

The global bitumen market continues to navigate a complex environment shaped by geopolitical uncertainty, shifting regional demand, and volatile upstream energy markets. While Europe and parts of Africa remain firm, Asia and the Middle East continue to experience downward pressure. Market participants are closely monitoring developments in the Strait of Hormuz, which could significantly influence supply flows and pricing in the coming weeks.