Bitumen markets across Asia and the Middle East opened 2026 with subdued activity as year-end holidays, limited vessel availability, and cautious buying sentiment weighed on spot trade. While prices were largely stable, demand remained uneven across countries, with logistical constraints and seasonal factors continuing to shape near-term market behavior.
Singapore, Thin Trading and Limited Prompt Availability
Singapore seaborne prices were little changed amid subdued trading, as many market participants were away for the year-end holidays.
Most refiners were already sold out for January loadings, while traders had largely completed January sales, easing inventory pressure.
Offers were maintained at $355–360/t fob Singapore, but buying interest for February remained thin, with spot discussions yet to begin in earnest.
Malaysia, Weak Consumption and Falling Import Interest
Bitumen consumption in Malaysia remained tepid as most government-linked road projects concluded before the holiday period.
Import demand for Singapore-origin tank truck cargoes was limited, and buying interest weakened despite stricter purchase quotas from a key refiner. Offers for imported material eased toward $401–402/t ex-refinery, reflecting soft demand and rainy weather conditions that continued to delay road works.
Bahrain, Stable Prices Amid Muted Export Activity
Bahrain’s seaborne bitumen prices were assessed unchanged at around $400/t fob Sitra, with export activity remaining muted.
The key refiner continued to prioritize domestic sales, limiting spot availability for exports.
With no immediate pressure to clear inventories, prices held steady despite subdued regional demand.
China, Seasonal Demand Weakness Pressures Prices
Bitumen demand in China stayed weak as northern regions entered the winter off-season, while slow project funding weighed on consumption in the south. Domestic prices declined across most regions ahead of the New Year holidays, driven by oversupply concerns and muted buying interest. Some producers were expected to lower operating rates, potentially easing supply-side pressure in the coming weeks.
South Korea, Higher Exports but Limited Buying Interest
South Korean bitumen prices were assessed at $324.06/t fob, tracking offers and discussions for January and February-loading cargoes.
Although exports in 2025 were set to rise for the first time in eight years, recent offers for February cargoes attracted limited interest.
Buyers remained cautious, and suppliers faced resistance at higher price levels despite improved margins versus HSFO.
Taiwan, Quiet Market with February Volumes Pending
Market activity in Taiwan remained subdued as sellers were sold out of January-loading cargoes and enquiries for February had yet to emerge.
Selling indications for February-loading cargoes were located at around $355/t fob Taiwan, while buying interest from Vietnam was slightly lower on a netback basis.
No deals were concluded during the period.
India, Firm Bulk Demand Amid Sanction Concerns
India’s bulk import demand remained relatively firm despite a slight slowdown during the year-end holidays.
Limited availability of bulk imports on the west coast supported domestic prices, while discussions for VG40 bulk cargoes from the Middle East were mostly in the $305–315/t fob range. However, sanction-related concerns and limited vessel availability continued to dampen buying appetite and widen bid-offer spreads.
Outlook
Bitumen markets across Asia and the Middle East are expected to remain cautious in the near term. Seasonal demand weakness, logistical constraints, and ongoing geopolitical uncertainties are likely to limit spot activity in January.
While supply tightness in some markets may provide price support, a broader recovery in demand is more likely toward late the first quarter of 2026 as construction activity gradually resumes.
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