Global Bitumen Market Update | Week Ending 26 June 2026

Supply Constraints Offset Weakness in Energy Markets

Global waterborne bitumen markets showed mixed performance this week as regional supply conditions continued to outweigh the impact of weaker crude oil and high-Sulphur fuel oil (HSFO) prices.

In Europe, declining crude and HSFO values placed downward pressure on bitumen prices across the Benelux region, Germany, and the Czech Republic. However, tight supply in the Mediterranean helped maintain stronger bitumen premiums despite lower outright cargo prices.

In the Middle East and Africa, FOB indications from Iran softened slightly, while cargo prices into West Africa also declined. Although the reopening of the Strait of Hormuz has improved regional logistics, a meaningful recovery in export flows is expected later in July.

Singapore remained the strongest market, supported by limited supply and constrained feedstock availability. While export prices edged higher, buyer resistance increased toward the end of the week, suggesting that further gains may be limited in the short term.

Waterborne Bitumen FOB – Market Snapshot

The latest Argus‑referenced assessment shows a clear regional divergence in waterborne bitumen FOB prices, driven by refinery economics, freight costs, and localized demand cycles.

Key Regional Highlights

• Europe remains broadly stable, with prices ranging from $434–$457/t, supported by steady infrastructure demand but moderated by seasonal slowdowns in Southern Europe.
• Middle East shows the widest spread: Iran at $425/t remains the most competitive supplier, while Bahrain at $550/t reflects premium-grade output and limited export volumes.
• West Africa (Ivory Coast $547/t) continues to trade at a premium due to import dependency and higher logistics costs.
• Asia records the highest FOB levels globally, led by Singapore at $606/t, supported by strong regional demand and tight supply in key hubs such as Taiwan and Thailand ($595/t).

West Africa Bitumen Market

West African bitumen markets remained under pressure this week as a $36/t decline in HSFO weighed on outright cargo prices. However, tighter Mediterranean supply—particularly from Greece’s Motor Oil Hellas (MOH)—continued to support FOB cargo premiums, which edged higher despite weaker energy fundamentals.

Seasonal rainfall is limiting construction activity across the region, especially in Nigeria, where demand has fallen to its lowest level of the year. Nevertheless, domestic truck prices have remained stable, while regional consumption has already surpassed 2025 levels, supported by strong imports secured earlier in the year.

Supply patterns continue to evolve, with traders increasingly sourcing cargoes from Côte d’Ivoire alongside traditional Mediterranean suppliers. Meanwhile, inland markets such as Burkina Faso remain supported by elevated transportation costs, keeping delivered prices relatively firm despite softer international price trends.

Overall, the West African market remains balanced between seasonal demand weakness and tight regional supply, with Mediterranean availability continuing to play a key role in price formation.

East Africa Bitumen Market

East Africa’s bitumen market is showing signs of recovery as regional importers prepare to increase purchases from the Mideast Gulf following the gradual easing of logistical constraints on Iranian exports. Although Iranian export prices declined during the week, trade activity remains limited by vessel availability and shipping restrictions.

In Kenya, the market is increasingly optimistic about medium-term demand despite a reduction in the government’s direct infrastructure budget. New financing through the National Infrastructure Fund (NIF) is expected to support major road developments, including the Rironi–Mau Summit Expressway. Market participants are also awaiting supply contracts for the Mau Summit highway project, which could require up to 200,000 tonnes of bitumen over the next 18 months and significantly boost domestic consumption.

Meanwhile, Mozambique expects improving supply conditions as trade through the Strait of Hormuz gradually normalizes. Although geopolitical uncertainty has delayed several infrastructure decisions, the government has already launched new road rehabilitation projects, providing a positive outlook for future bitumen demand.

Overall, the East African market remains supported by improving supply prospects and a strong pipeline of infrastructure projects, pointing to a more constructive demand outlook in the coming months.

South Africa Bitumen Market

South Africa’s bitumen market is entering a period of increasing supply as multiple cargoes from Pakistan are scheduled to arrive in Durban during July. While these imports are expected to improve product availability, they coincide with the country’s seasonal winter slowdown, when construction activity and bitumen demand typically weaken.

Domestic prices have remained stable in recent weeks, but market participants increasingly expect downward price pressure as lower-cost imports from Pakistan, combined with softer Mediterranean prices, enter the market. Additional supply from the Mideast Gulf could further weigh on prices once logistical constraints ease.

Overall, the South African market is shifting from a supply-constrained environment toward a more balanced market, with rising import volumes likely to soften prices despite the ongoing seasonal decline in demand.

Read More: Bitumen Market Report – Global Overview

Singapore Bitumen Market

Singapore’s bitumen market remained firm during the week, supported by limited feedstock availability despite the reopening of the Strait of Hormuz. Refiners have already sold-out July-loading cargoes, while August export availability remains uncertain as feedstock supplies have yet to fully recover.

Although export prices edged higher, buying interest weakened toward the end of the week as lower crude prices encouraged buyers to delay purchases in anticipation of softer bitumen values. Regional demand also remained subdued, with Indonesia and Vietnam showing cautious procurement activity amid delayed infrastructure projects and more competitive supplies from alternative origins.

Overall, the Singapore market continues to be driven by supply constraints rather than demand strength. While tight production is supporting prices in the short term, improving feedstock availability in the coming weeks could ease supply pressure and moderate export prices.

India Bitumen Market

India’s bitumen market softened during the week as the monsoon season reduced construction activity across the western states, leading to weaker demand. However, consumption remained relatively resilient in northern and central regions, where contractors continued infrastructure work ahead of heavier seasonal rainfall.

Imported bitumen prices declined on expectations of increased arrivals from the Middle East following the easing of regional shipping disruptions. Despite lower FOB offers from Iran, buying activity remained limited as importers awaited previously contracted cargoes and anticipated further price corrections once these shipments reach the market.

Overall, the Indian market is expected to remain under downward price pressure in the near term, driven by seasonal demand weakness, improving import availability, and expectations of additional supply from the Middle East.

China Bitumen Market

China’s bitumen market remained under downward pressure this week as weaker crude oil and energy prices weighed on sentiment. Buyers largely adopted a wait-and-see approach, expecting further price declines, while rainy weather continued to slow road construction activity and suppress demand across key regions.

Although supply remained relatively tight due to refinery maintenance and limited production, domestic prices declined in both eastern and southern China. Import prices also softened following lower-priced South Korean cargoes, narrowing the gap between domestic and imported material.

Looking ahead, the potential easing of sanctions on Iranian crude and the planned restart of several refineries in July could improve feedstock availability and increase domestic bitumen production. This is expected to place additional pressure on prices if demand remains weak.

Iran Bitumen Market

Iran’s bitumen export market remained under pressure this week, with trading activity constrained by persistent logistical challenges and cautious market sentiment despite the reopening of regional shipping routes. Vessel owners continued to prioritize the loading of previously contracted cargoes, delaying the availability of new export volumes and limiting spot market liquidity.

Export prices softened in line with declining crude oil and fuel oil markets. However, many producers were reluctant to offer significant discounts, as lower international prices, combined with higher customs reference values for foreign currency repatriation and exchange rate volatility, reduced export margins and made fresh sales less attractive.

Demand from key export destinations also remained subdued. Indian buyers limited purchases due to the onset of the monsoon season, while buyers in Pakistan and Afghanistan postponed procurement amid currency fluctuations and uncertainty over near-term market conditions. Export activity to China also slowed, with only limited interest in jumbo bag and flexitank cargoes.

Containerized exports from Bandar Abbas continued to face elevated freight costs and operational disruptions, particularly on routes via Jebel Ali and other regional transshipment hubs. At the same time, buyers remained cautious over the practical implementation of the temporary easing of U.S. restrictions on Iranian crude and petroleum products, preferring to wait for greater clarity before committing to larger purchase volumes.

Looking ahead, Iran’s export fundamentals remain supported by ample production capacity and sufficient inventories. However, a meaningful recovery in export volumes will depend on the normalization of shipping logistics, lower freight costs, improved financial conditions for exporters, and the restoration of buyer confidence across key regional markets. Until these factors improve, export activity is expected to remain below its normal pace despite the country’s strong supply potential.