During 13-18 October 2025, Brent crude oil prices fell sharply by $3.20/bl from the previous week into the range of $60.99-63.40/bl.
The decline in crude and fuel oil prices pressured global bitumen markets, though bitumen price movements were different in key regions.
Across Asia, the bitumen market showed mixed trends. Singapore export prices held largely steady at $395–404/t FOB since many refiners had already sold out their production before the crude price drop. Prices were also supported by active trades to Indonesia.
In contrast, South Korean FOB prices fell sharply by $18/t to $367–375/t. Therefore, the spread between Singapore and South Korean prices reached over $30.
In China, domestic prices declined in all regions due to oversupply and lower crude prices. Bitumen prices dropped to $447-460/t in south China, $449-477/t in east China, and $462-515/t in Shandong. Also, import buying interest was muted, and import prices to east China fell due to lower South Korean export values.
In India, refinery-listed VG10 and VG30 prices dropped by Rs570/t, while VG40 cargoes fell by Rs660/t. Also, import demand remained weak amid high inventories.
In the Middle East market, bulk export prices stayed stable at $260–270/t, while drummed cargoes declined by $7.50/t to $363–380/t. Demand for drums and jumbo bags was limited, though flexi-tank exports to China increased slightly after the holiday period.
Bahrain has yet to resume seaborne exports, and its listed bitumen prices remained unchanged at $400/t. In Iraq, export activity was weak due to limited demand from Indian buyers.
In Africa, South African domestic truck prices rose by R600/t after the Natref refinery sold out its remaining bitumen volumes. Conversely, cargo prices into West Africa and drummed cargoes into East Africa fell. CFR Lagos bulk cargoes declined by $10/t, while CFR Mombasa and Dar es Salaam drummed cargoes fell by $7/t in the week ending 17 October.
