During 21-25 July 2025, Brent crude oil traded in a narrow range of $68.15/bl and $69.47/bl. The average oil price was $68.71/bl, which shows a slight weekly decline of $0.30/bl.
However, the bitumen market responded to regional supply-demand imbalances rather than crude price trends. Meanwhile, tensions between Thailand and Cambodia during the past week did not have any notable impact on the bitumen market.
In Asia, bitumen prices in Singapore increased $3/t to reach $430-440/t due to limited supply. This led to low buying interest from Singapore. Similarly, South Korea’s bitumen export prices rose by $2/t to $410-419/t after the July 24 tender.
China’s import demand stayed weak. However, Chinese exporters continued to supply Southeast Asia to cover the gap from lower Singaporean output. Also, China’s domestic market showed mixed trends. In Shandong province, rainy weather and high supply decreased bitumen prices by about Yn100/t ($14/t). Meanwhile, East China prices rose by Yn20-40/t ($3-6/t) because of limited supply. South China prices stayed steady.
In India, monsoon rains kept the bitumen consumption low. It put downward pressure on both domestic bitumen prices and imports.
In the Middle East, the bitumen market faced some challenges. Middle East producers faced operational challenges from severe hot weather, water shortages, and power outages. Therefore, only a few producers remained active in the bitumen market. Also, jumbo bag cargoes decreased due to the risk of damage in hot weather.
Middle East bulk import prices decline by $5.90/t ($311-322/t) due to weak demand from India and South Asia, despite a tight vacuum bottom feedstock supply. Meanwhile, Middle East drummed cargoes rose $1/t ($385-394/t).
Bahrain held its bitumen prices at $400/t fob Sitra with low trading activity. Iraq saw no fresh deals, but demand for its drummed cargoes was high.
In Africa, West African import prices rose by $6/t CFR because of a rise in Mediterranean HSFO prices. East Africa maintained high activity levels, particularly in Kenya and Uganda. In this region, import prices fell for bulk cargoes but rose for drummed cargoes from the Middle East. Also, Southern Africa’s bitumen market remained stable.
