The bitumen market across Asia-Pacific and the Middle East is clearly under pressure right now. Supply is tight, mainly because several refineries have reduced output or stopped exports altogether. This has pushed prices higher—especially in Singapore, but demand hasn’t followed the same path. In fact, many buyers are stepping back. Contractors in key markets like India, Vietnam, and Indonesia are struggling with budgets that no longer match current price levels. As a result, projects are being delayed, and buying activity is slowing down. Unless supply improves or prices ease, the market is likely to remain quiet in the near term.
Singapore Prices Climb Fast, but Buyers Hold Back
Singapore has seen one of the strongest price increases in the region. Domestic prices moved up from S$856–885/t in mid-March to around S$940–1,005/t in April, showing how tight supply has become.
Export offers were mostly in the $672–695/t fob range, but interestingly, many of these cargoes struggled to find buyers. It seems that even though supply is limited, buyers are simply not comfortable at these levels. For now, the market feels tight,but not active.
Malaysia Struggles to Keep Projects Running
In Malaysia, the issue is less about supply and more about affordability. Prices around $730–740/t ex-refinery for some imports, are still too high for many contractors.
What’s happening now is that companies are trying to renegotiate project budgets, but that process takes time. In the meantime, a few projects have restarted, but often at a loss. Unless budgets are adjusted soon, activity will likely stay slow.
Indonesia Stuck Between High Prices and Low Activity
Indonesia is facing a clear mismatch between prices and budgets. Import levels that make sense for buyers are closer to $600–620/t fob Singapore, but actual market prices are higher.
Because of this gap, most importers are staying away. Contractors are also waiting for budget revisions before moving forward. So even though supply is tight globally, local demand remains very limited.
Thailand Slows Down, but a Pickup Is Expected
Thailand saw a temporary slowdown due to the Songkran holiday, along with transport restrictions that affected deliveries.
Buying ideas were around $630–650/t fob, but there wasn’t much real discussion behind them. Still, this looks more like a short-term pause. Many expect demand to return in the second half of April, especially if supply stays tight.
Vietnam Buyers Wait and Watch
Vietnam is another market where buyers are clearly cautious. Offers were mostly around $700–730/t cfr, while buyers were more comfortable closer to $700/t or below.
At the same time, domestic prices stayed around $638–646/t, which helped keep inventories relatively high. For now, many contractors prefer to wait, either for lower prices or for government support to come through.
South Korea Lowers Offers, but Still No Deals
In South Korea, sellers tried to adjust prices to attract buyers. Offers dropped from $640/t to $610/t fob, but even that didn’t bring much interest.
Buyers, especially from China, are still indicating lower levels around $550–580/t. This gap is keeping the market quiet, with very few deals happening.
China Adjusts Prices, but Demand Is Still Not There
China is showing small signs of seasonal improvement, but it’s still far from strong. In Shandong, prices were reduced from around 4,300 yuan/t to 4,080–4,570 yuan/t to encourage buying.
Even so, demand remains slow. Import levels are capped near $600/t cfr, and offers around $650/t cfr are not attracting interest. With funding issues still in place, a strong recovery doesn’t seem likely in the short term.
Taiwan Faces Tight Supply and Limited Trade
Australia & New Zealand Stay on the Sidelines
In Australia, some buyers are still active, but many are choosing to wait. At current price levels, there is a real concern about buying too high and holding expensive stock later.
Freight rates have eased slightly, but that hasn’t changed sentiment much. Meanwhile, in New Zealand, buyers seem comfortable with current inventory levels and are not entering the market.
India Faces a Real Supply Crunch
India is probably facing the most serious situation right now. Prices have jumped significantly, with domestic levels reaching up to 83,000 rupees/t ($897/t).
Import discussions are happening around $550–600/t CFR, but actual deals are limited. Even lower offers from Iran, around $450/t fob, are not attracting buyers due to risk concerns.
With inventories falling and supply routes still uncertain, the market remains under strong pressure.
Bahrain Market Remains Quiet
Bahrain is relatively stable, with prices holding around $550/t fob Sitra. But activity is very limited, as the refinery focuses on local demand.
For now, the market feels quiet with no major changes expected.
Iran Prices Edge Higher Despite Weak Trade
Iran is seeing some upward pressure on prices. Offers are currently around $385–410/t fob, while bids remain lower at $360–370/t.
There is talk that prices could move up to $440–470/t fob in the coming weeks, mainly due to higher costs. Still, trade activity is slow, as buyers remain cautious.
Iraq Struggles with Supply and Logistics
In Iraq, offers are around $520/t fob Umm Qasr and $535/t fob Aqaba, but actual trading activity is limited.
Ongoing supply and logistics issues are making things difficult. Even though there are plans for infrastructure spending, progress on the ground is still slow.
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Bitumen 60/70 Price Today in Asia
