Bitumen Market Report – Global Overview

Week Ending 12 June 2026

Global bitumen markets showed mixed performance during the week ending 12 June 2026. While outright prices declined across Europe, the Mediterranean and Africa due to lower crude oil and fuel oil benchmarks, supply constraints continued to support premiums in several key regions.

In Europe, domestic truck prices strengthened in the United Kingdom, France and parts of Germany as seasonal paving activity, refinery maintenance and reduced bitumen production tightened regional availability. At the same time, FOB cargo prices fell sharply in line with weaker crude oil and HSFO values.

Mediterranean markets experienced a significant correction in outright cargo prices following growing market expectations of a potential US-Iran peace agreement. Nevertheless, cargo premiums strengthened due to persistent supply shortages and increasing demand from North Africa and Black Sea destinations.

Across Africa, cargo import prices generally moved lower, while domestic prices remained largely stable. East African markets continued to face supply challenges due to disruptions affecting Middle East Gulf exports, whereas West African demand started to slow as the rainy season intensified.

In Asia, Singapore export prices increased for the fifth consecutive week as limited refinery output and delayed cargo availability reduced spot supply. However, regional demand remained subdued, preventing a sharper rise in prices.

Iranian exports continued to face significant logistical challenges. Ongoing security concerns in and around the Strait of Hormuz, combined with attacks on regional shipping, discouraged fresh buying activity and restricted cargo movements across several export routes.

Global Waterborne Bitumen Market Snapshot

Global waterborne bitumen prices remained highly differentiated among major export hubs.

Singapore FOB prices increased to approximately $589-600/t amid continued supply shortages and delayed cargo loadings. South Korean export values also strengthened to $554-568/t, supported by tighter regional supply conditions.

European cargo prices declined sharply. Rotterdam FOB cargoes were assessed at $566-571/t, while Mediterranean export values fell to approximately $540-544/t. Baltic cargoes also softened to around $551-556/t.

Iran remained the most competitively priced export origin despite ongoing logistical disruptions. FOB Bandar Abbas indications were assessed at $435-457/t for bulk cargoes and $500-525/t for drummed material.

The pricing spread between Iran and alternative export origins remained substantial, reinforcing the competitiveness of Iranian material for cost-sensitive buyers across Africa, South Asia and selected Mediterranean destinations.

Key Market Insight

• Iran FOB: $435-457/t

• Singapore FOB: $589-600/t

• Rotterdam FOB: $566-571/t

• South Korea FOB: $554-568/t

• Mediterranean FOB: $540-544/t

West Africa Bitumen Market Update

West African import prices declined during the week as falling crude oil and Mediterranean HSFO values weighed on outright cargo prices.

However, tightening Mediterranean supply and stronger seasonal demand in Europe supported higher cargo premiums, limiting the downside in delivered prices. Nigerian CFR cargo values were assessed at $717-727/t, while Ghana import prices stood at $687-697/t.

Heavy rainfall continued to affect road construction activity across Nigeria and neighboring markets, signaling an earlier-than-usual start to the rainy season. As a result, paving activity and immediate bitumen demand weakened.

Despite the seasonal slowdown, market participants remain optimistic about medium-term demand growth, supported by ongoing infrastructure development and preparations ahead of Nigeria’s 2027 presidential elections.

East Africa Bitumen Market Update

East African markets remained under supply pressure as disruptions to Middle East Gulf exports intensified.

Regional importers continued to face shortages after attacks on bitumen tankers operating in the Gulf region restricted both bulk and drummed cargo movements. Delivered prices into Mombasa and Dar es Salaam remained relatively stable at $763-773/t due to unchanged freight costs.

Construction activity across Kenya, Uganda and neighboring countries remained active, helping sustain underlying demand despite ongoing logistical challenges.

Market participants continued to monitor diplomatic developments closely, hoping that improved relations between Iran and the United States could restore normal shipping flows through the Strait of Hormuz.

East & Central Africa Bitumen Market Update

Demand fundamentals across East and Central Africa remained supportive, driven by ongoing road and infrastructure projects.

However, importers in Uganda, Rwanda, Burundi and the Democratic Republic of Congo faced increasing supply constraints due to the near-complete halt of Middle East Gulf shipments. Limited availability of prompt cargoes and higher freight costs from alternative origins continued to challenge procurement activities.

Some buyers evaluated sourcing options from Turkey and Europe, although elevated freight costs reduced their competitiveness compared with traditional Gulf suppliers.

Overall, supply chain disruptions remained the primary market concern despite healthy underlying demand.

South Africa Bitumen Market Update

South African domestic truck prices remained stable during the week as the market entered its seasonal winter slowdown.

Recent imports from the Middle East Gulf, Turkey and the Mediterranean have improved local supply availability, reducing the risk of immediate shortages. However, uncertainty surrounding future Gulf shipments increased following additional attacks on regional tanker traffic.

Demand softened modestly as cooler weather reduced paving activity across the country. Market participants reported that buyers have gradually adjusted to higher pricing levels seen since the outbreak of the Iran-US conflict earlier this year.

The market remained adequately supplied, although future import flows will depend heavily on geopolitical developments in the Middle East.

Singapore Bitumen Market Update

Singapore export prices rose for a fifth consecutive week, supported by tight supply and limited spot availability.

Several refiners reportedly faced production issues, resulting in cargo delays and reduced allocations for July-loading material. Traders and vessel operators actively sought prompt cargoes, with bids reaching close to $600/t FOB Singapore.

Despite stronger pricing, downstream demand across Southeast Asia remained weak. Buyers in Indonesia, Vietnam and other regional markets showed limited willingness to purchase at current price levels due to slow domestic consumption and budget constraints.

The market continues to be characterized by tight supply conditions rather than demand-driven growth.

India Bitumen Market Update

India’s bitumen market remained relatively balanced, although supply availability continued to be influenced by disruptions in Middle East Gulf exports.

Domestic bulk prices in Mumbai remained elevated at approximately $776-839/t, supported by limited refinery output and constrained import availability.

Several cargoes originally destined for India experienced delays due to shipping disruptions in the Gulf region. Buyers remained cautious when evaluating imported cargoes, particularly those originating from Iran, because of uncertainty surrounding delivery schedules.

Monsoon-related concerns also continued to weigh on demand expectations for the coming weeks.

Iran Bitumen Market Update

Iran’s export market remained under significant pressure from geopolitical and logistical challenges.

FOB Bandar Abbas bulk assessments declined to $435-457/t, while drummed cargoes were assessed at $500-525/t. Although Iranian bitumen continued to offer the lowest pricing among major global suppliers, buyer participation remained limited due to shipping uncertainties.

Cargo movements through the Strait of Hormuz remained restricted, while attacks on regional tanker traffic further discouraged fresh purchasing activity.

Producers continued to face pressure from weak export demand, financing constraints and uncertainty surrounding future feedstock pricing. Nevertheless, Iranian material maintained a strong competitive advantage versus alternative export origins, particularly in Africa and South Asia.

Looking ahead, the direction of Iranian exports will largely depend on improvements in regional security conditions and the restoration of normal shipping operations throughout the Gulf.