Global Bitumen Market Summary – 29 May 2026

Bitumen prices continued to strengthen across Asia-Pacific markets during the last week of May, supported by tight supply and limited feedstock availability. In Singapore, supply constraints lifted prices, although weak buying interest capped further gains.

Conversely, Northwest European and Mediterranean markets saw prices decline following a sharp drop in crude oil and HSFO values amid renewed optimism over US-Iran negotiations. Greece remained particularly affected by crude supply disruptions linked to the Strait of Hormuz situation, although additional June-loading cargoes from Helleniq Energy helped improve regional supply.

In Africa, cargo prices into West and Southern Africa softened, while freight rates for bitumen tankers increased due to ongoing logistical challenges. South Africa received its first Middle East Gulf-origin cargoes since the Iran conflict began, helping to ease domestic supply pressures.

Meanwhile, East African markets remained undersupplied because of their dependence on
Middle East exports, resulting in slightly higher bulk and drummed bitumen import prices.

Overall, geopolitical developments, shipping disruptions, and feedstock availability continued to be the key drivers of global bitumen market sentiment.

Read Also: Iran Bitumen Market Analysis

Global Waterborne Bitumen Market Snapshot

Europe

European FOB values remain elevated, with Rotterdam at $622/t and the Baltic at $612/t, reflecting higher crude costs, tighter refinery margins, and constrained availability.

Mediterranean suppliers — Italy, Spain, Turkey, and Greece — cluster around $595–602/t, indicating a relatively balanced supply–demand environment but limited downward flexibility due to strong seasonal consumption.

Middle East

The Middle East continues to anchor the global price floor, led by Iran at $455/t, the lowest FOB level worldwide. This reflects competitive production economics and strong export orientation. Bahrain at $550/t sits closer to Asian benchmarks, influenced by higher refinery complexity and product slate constraints.

Africa

Ivory Coast at $702/t represents the highest price point on the map. The premium reflects structural import dependence, limited local refining capacity, and elevated freight costs from both Mediterranean and Middle Eastern origins.

Asia-Pacific

Asia-Pacific markets show a tight mid-range band between $545–571/t, with Singapore at the upper end. These values reflect stable regional demand, consistent refinery output, and competitive intra-Asian trade flows. The narrow spread across South Korea, Taiwan, Thailand, and Singapore signals relatively efficient supply chains and balanced fundamentals.

Analyst Insight

The global FOB structure illustrates a three-tiered market:

1. Low-cost Middle Eastern supply, led by Iran.
2. Mid-range Asia-Pacific pricing, supported by stable regional fundamentals.
3. High-cost West African imports, driven by logistics and structural deficits.

West Africa Bitumen Market Update

Bitumen cargo prices into West Africa declined during the week as crude oil and Mediterranean HSFO values weakened following renewed optimism surrounding US-Iran negotiations.

Despite stable cargo differentials, freight rates on West African routes edged higher. Demand remained subdued as persistent rainfall across Nigeria, Ghana, Ivory Coast, and Cameroon continued to disrupt road construction and paving activities. While some market participants believe the rainy season may have started earlier than usual, others expect peak seasonal impacts to emerge later in June.

Meanwhile, cargo flows into the region continued, with several Rubis Asphalt-operated vessels actively supplying West African markets through the company’s strategic storage and distribution hub in Lomé, Togo, supporting deliveries across the region, including Nigeria.

Overall, softer energy prices and weather-related demand weakness continued to weigh on the West African bitumen market.

East Africa Bitumen Market Update

East African bitumen supply remained tight as ongoing shipping disruptions in the Middle East continued to delay container movements and restrict cargo availability from key Gulf suppliers.

Iranian export prices strengthened, with drummed bitumen assessed at $505–540/t FOB Bandar Abbas and bulk cargoes at $440–470/t FOB. Container freight rates to major East African destinations, including Mombasa, Dar es Salaam, and Djibouti, remained stable, keeping CFR import values elevated.

Market participants continued exploring alternative supply routes via Turkey and Jordan to mitigate logistical challenges and improve supply reliability. At the same time, discussions for fresh bulk cargo shipments increased as regional buyers sought additional sourcing options.

Overall, constrained supply, logistical bottlenecks, and higher import costs continued to support firm market conditions across East Africa.

East & Southern Africa Bitumen Market Update

Bitumen demand in Kenya and Uganda remained supported by ongoing road infrastructure projects, with recently delivered bulk and drummed cargoes helping meet regional requirements. Market sentiment was further strengthened by expectations surrounding Kenya’s major Mau Summit Highway Project, which is scheduled to commence in August and could require up to 200,000 tonnes of bitumen over the next 18 months.

Despite healthy infrastructure demand, supply concerns persisted due to the ongoing US-Iran standoff and sanctions-related disruptions affecting regional bitumen flows. Kenyan domestic bitumen prices remained stable, while buyers continued monitoring supply availability closely.

In the Democratic Republic of Congo (DRC), road construction activity remained robust, although cross border truck movements from Kenya were temporarily affected by the Ebola outbreak in eastern regions. Meanwhile, Burundi reported fresh import inquiries, though pricing discussions remained ongoing.

In Southern Africa, bitumen prices eased slightly as fresh cargoes from the Middle East and Pakistan arrived in Durban, restoring supply competition after months of disruption caused by tensions around the Strait of Hormuz. However, adverse weather conditions across parts of South Africa and Mozambique continued to limit paving activity and overall demand.

Overall, infrastructure investment remains a key driver of regional demand, while supply chain challenges and geopolitical developments continue to shape market dynamics across East and Southern Africa.

South Africa Bitumen Market Update

South African bitumen prices declined during the week, with domestic truck assessments falling by Rand 500/t to R14,200-14,700/t ex-works. The decrease was driven by lower Eastern Mediterranean export prices and the return of Middle East Gulf-origin cargoes to the market after a prolonged disruption.

Fresh arrivals from the Middle East and Pakistan have restored competition with traditional Mediterranean suppliers, helping to ease supply tightness and moderate domestic pricing.

Several cargoes were delivered into Durban during the period, including shipments sourced from Oman, Pakistan, and Turkey.

Market participants expect increased supply diversity to support market stability in the coming weeks, although freight costs and regional demand conditions remain key factors to monitor.

Singapore Bitumen Market Update

Singapore bitumen prices moved slightly higher during the week, supported by tight supply and limited availability of June-loading cargoes. Several refiners had already committed volumes to term customers, leaving little material available for the spot market.

Despite firmer prices, buying interest remained subdued as many end-users lacked immediate requirements and considered current offer levels too high. Selling indications for June-loading cargoes were generally assessed at $570-575/t FOB Singapore.

Feedstock constraints continued to limit bitumen production, while uncertainty surrounding July supply encouraged some traders and vessel operators to seek spot cargoes to avoid vessel idle time.

Regional demand remained mixed. Indonesian buyers showed some interest amid tightening supply, but a number of importers postponed purchases, waiting for more workable price levels.

Overall, the Singapore market remained supported by tight supply fundamentals, although weak end-user demand continued to cap upward price momentum.

China Bitumen Market Update

China’s bitumen market remained mixed during the week, as weak seasonal demand from persistent rainfall was offset by ongoing supply constraints and limited crude availability.

Poor bitumen production margins and weak domestic fuel demand continued to pressure refinery operations, leading many refiners to prioritize alternative petroleum products. Crude supply remained tight, with China’s imports falling to a multi-year low following disruptions in Middle East supply.

While some producers reduced prices to stimulate sales, others maintained firm offers due to low inventories and constrained production. Market activity remained subdued, with most buyers purchasing only for immediate project requirements.

In South China, limited supply supported firmer prices and increased export interest. Vietnamese buyers turned to South China-origin cargoes after reduced availability from Singapore, with transactions and discussions reported around $570-580/t FOB South China.

Overall, the market continued to balance weak downstream demand against tight supply fundamentals, keeping prices relatively supported despite seasonal consumption challenges.

India Bitumen Market – Key Highlights

• Import interest in India remained present, but overall consumption stayed weak, particularly in the bulk segment, as elevated offers driven by tight supply kept many contractors on the sidelines.
• Despite stable underlying import demand, vessel owners showed reluctance to fix new cargoes from Iran amid ongoing US-related shipping restrictions, with several vessels already delayed or stranded, contributing to higher freight rates.
• Seaborne bulk offers from Iran were reported at around $320/ton FOB, but no firm discussions were concluded due to uncertainty over loading schedules and logistics.
• Imported bulk on India’s west coast was quoted in the range of ₹75,000–84,000/ton ex-tank ($786–880/ton including taxes), with limited interest at levels above ₹85,000/ton.
• Market activity remained subdued, with purchases largely driven by urgent project requirements. Continued supply tightness and limited Middle East seaborne availability are expected to keep domestic price volatility elevated in the short term, especially ahead of the monsoon season.

Drummed Cargoes & Logistics

• Demand for imported drummed bitumen remained relatively firm in northern India, although availability was constrained due to limited container access and shipping restrictions linked to US blockade conditions.
• An importer conducted a second auction for over 2,000 tons of drummed cargo, with deals concluded at ₹68,400–71,000/ton ex-warehouse (excluding tax) depending on grade.
• Middle East suppliers have yet to load previously sold cargoes, while container vessel availability remains tight as many NVOCC operators are reluctant to handle shipments from Iran.
• Container freight rates increased significantly to around $175–260/ton, reflecting elevated logistical risks and disruption in shipping routes.
• Some cargoes from southern Iraq were discussed at levels above $400/ton FOB Umm Qasr.

Iran Export Market Update – Bitumen

• Export activity in Iran remained subdued during the Eid al-Adha holiday period, with overall trading momentum limited across most packaging formats.
• Vessel availability continued to be heavily constrained due to ongoing US naval restrictions affecting Iranian ports and shipping routes, leaving many vessel operators unable or unwilling to load cargoes.
• Market sentiment remained uncertain as both Iranian and US authorities, through semi-official statements, indicated that certain elements of a potential temporary arrangement (including aspects related to the Strait of Hormuz) could be considered. However, no formal agreement has been reached, keeping the market in a wait-and-see position.
• Weak demand combined with increasing domestic output placed additional pressure on both seaborne and ex-works pricing levels across multiple grades and packaging types.

Bulk Cargoes

• Pen 60/70 and VG40 bulk cargoes were offered at approximately $310–325/ton FOB Bandar Abbas, but failed to attract buyers due to uncertainty over post-loading shipping clearance and blockade risks.
• Vessel scheduling remained unclear, with shipping lines and owners reluctant to commit without assurance of transit permissions.
• At least 10,000 tons of prompt-loading Pen 200/300 bulk were reportedly sold to China at around $325/ton FOB Bandar Abbas.
• No confirmed deals or offers were reported from other key export hubs including Bandar Imam Khomeini, Qeshm, and Chabahar.

Regional Trade & Exports

• Export activity to Pakistan remained weak due to holiday disruptions and limited buyer interest. Offers were reported around IRR 490,000/ton ex-works Isfahan.
• Drummed cargoes traded at IRR 620,000–630,000/ton ex-works Isfahan, equivalent to approximately $355–360/ton FCA at the Afghanistan border.
• Bulk shipments were also reported at around $410/ton FCA Dogubayazit, Turkey, while indicative CFR Oman levels were in the range of $450–460/ton.

Drums, Jumbo Bags & Flexitanks

• Demand for drummed bitumen remained weak, with no new containerized shipments loaded from southern Iranian ports.
• Several vessels continued to wait near the Strait of Hormuz amid uncertainty over clearance to pass US-imposed restrictions, further delaying export flows.
• Offers for drummed cargoes were reported at $705–715/ton CFR Mombasa, reflecting longer alternative transit routes, although no transactions were concluded.
• Extended shipping and transit times compared with normal Bandar Abbas logistics continued to suppress buying interest.
• Jumbo bag cargoes were offered at $380–390/ton FOB Bandar Abbas, while flexitank offers were around $370–380/ton FOB, with no reported deals.
• Additional indications for jumbo bag material were reported at around $540/ton ex-works Oman, though market activity remained limited.

Domestic Market / Exchange Activity

• On the Iran Mercantile Exchange (IME), approximately 35,679 tons of bulk bitumen were traded at $442–458/ton ex-factory, indicating continued domestic market activity despite weak export momentum.

Overall Market Outlook

• The Iranian bitumen export market remains under pressure from geopolitical uncertainty, restricted vessel availability, and weak demand across key destinations.
• Short-term market direction is expected to remain uncertain, with logistics constraints and regulatory risks continuing to be the main limiting factors for export recovery.