During 6-12 October 2025, Brent crude oil prices ranged from $63.12/bl to $66.40/bl and fell by $0.70/bl from the previous week.
The bitumen market saw prices decline in Singapore, South Korea, and the Middle East. Weak demand and oversupply were the main reasons. Meanwhile, bitumen prices rose for cargoes to West Africa.
In Asia, demand remained weak in countries such as Malaysia and Vietnam due to rainy weather. Singapore export prices dropped by $3/t to $395–405/t. However, importers preferred cheaper cargoes from Northeast Asia and the Middle East rather than from Singapore. Also, South Korean prices declined by $6.10/t to $385–393.80/t.
In China, road pavement activity remained muted after the holiday. Domestic prices were stable in East China at $463-487/t ex-works, but fell in South China to $454-461/t ex-works.
In India, bitumen consumption saw a slight pick-up in some regions, though high inventories kept import demand down. This put pressure on domestic prices. Nevertheless, demand for bulk cargoes was higher than for drums.
In the Middle East, bulk export prices fell further by $4.90/t to $260–270/t, despite higher vacuum bottom (VB) feedstock costs and tight supply. At the same time, drummed cargoes held steady at $372–386/t.
Bahrain bitumen prices were unchanged at $400/t. In Iraq, the lack of strong Indian demand for drums led to low trade activity.
In Africa, West African import prices significantly rose (CFR Lagos up $14/t) due to higher Mediterranean HSFO prices. East African import prices for bulk cargoes fell, while prices for drummed cargoes from the Middle East remained stable. South African road pavement and construction activities picked up, with strong demand. Also, the remaining domestic refinery stocks of South Africa were expected to run out by the week ending 12 October.
