The bitumen market in Asia-Pacific and the Middle East is currently under pressure. It seems that supply is increasing in key hubs like Singapore and Thailand, while demand remains weak across many countries. Buyers are cautious and often wait before making purchases, mainly because prices are unstable and funding for projects is limited. At the same time, geopolitical issues, especially around Iran and the Strait of Hormuz, are affecting trade flows and shipping. This is starting to change supply patterns, especially for India and Iran. Prices have generally moved lower in several markets, although some areas like China still see support from higher crude costs. For now, the market looks soft, and any recovery will likely depend on stronger demand and more stable conditions.
Singapore Prices Fall Amid High Supply and Low Interest
Singapore prices moved lower as more supply entered the market, while demand from the region stayed limited. At least one refiner still had unsold May cargoes, showing that supply is more than enough for now.
Fixed-price offers were around $560-570/t fob Singapore, but buyers were mostly bidding at $550/t or lower. Some bids even came at $530/t, especially from Vietnam. On the AOM platform, an offer started at $595/t and later dropped to $576/t, but still no buyers showed interest.
There was some demand from Indonesia, with deals around $550-560/t fob on a netback basis. At the same time, exports to Malaysia dropped sharply by about $100/t to $620-630/t ex-refinery.
For now, the market feels oversupplied, and prices may stay under pressure unless demand improves.
Malaysia Market Stays Quiet Amid Weak Demand
The Malaysian market remained slow, reflecting the softer regional trend. Buyers showed little urgency and preferred to wait, especially as Singapore prices continued to fall.
Demand was also weak because there are not many active road projects. Contractors are still waiting for government funding, which is delaying purchases.
Supply from Singapore increased a lot. Buyers can now take up to 10 trucks per day, compared to just one truck earlier when supply was tight.
For now, the market looks quiet, and demand may only improve once new projects begin.
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.
Indonesia Buying Interest Returns but Demand Still Limited
Indonesia saw some buying interest after prices from Singapore dropped. But overall demand is still not strong, as contractors focus only on ongoing projects.
There were about 25,000t of May requirements. A 5,000t cargo was discussed at $600-610/t cfr, while other offers were around $620-630/t cfr. Buyers showed interest between $580-630/t cfr, depending on urgency.
A tender for 7,000-7,500t is still open, with bids below $550/t fob Singapore equivalent.
It seems that demand could improve, but only if the government releases more project funding.
Thailand Supply Increases While Demand Slows
Thailand added around 20,000-25,000t of extra export supply for May. This came as more crude arrived and local demand stayed weak due to holidays.
Offers were between $550-580/t fob Thailand, while buyers stayed below $550/t. This gap made trading difficult.
Some producers are still under force majeure because of crude supply issues linked to geopolitical tensions.
Market players expect demand to recover from mid-May, so this weakness may not last long.
Vietnam Demand Weak as Inventories Stay High
Vietnam’s demand stayed low as many importers already have full tanks. Most buyers are not in a hurry to purchase more before the monsoon season.
Buying ideas were around $600/t cfr, or about $550/t fob Singapore equivalent. A possible deal from Thailand was discussed at $585-600/t cfr, but not confirmed.
Contractors are also delaying projects because prices are high compared to their budgets.
Still, some expect demand to increase soon as the rainy season approaches.
South Korea Exports Impacted by Chinese Slowdown
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 terSouth Korean export prices dropped because demand from east China weakened ahead of the rainy season and holidays.
Prices were mostly capped at $530/t fob, with some bids as low as $510/t. There were very few discussions for Southeast Asia as arbitrage opportunities closed.
No new offers for May or June cargoes were reported.
For now, the export market looks quiet, and recovery depends on stronger regional demand.
Taiwan Faces Tight Supply and Limited Trade
China Prices Rise Slightly Despite Weak Demand
In China, prices increased slightly due to stronger crude costs. In Shandong, offers rose to Yn4,250-4,450/t ($621-643/t), up from Yn4,000-4,220/t last week.
But demand stayed slow, especially with the Labour Day holiday. Many road projects paused, and buyers reduced activity.
Supply is tight because some refiners stopped production. Still, demand may not recover quickly due to rainy weather and limited funding.
Import demand was also weak, capped at $560/t cfr.
For now, prices are supported by costs, but demand remains a concern.
Taiwan Supply Tight as Domestic Demand Supports Market
Taiwan had limited export supply because strong local demand kept more material inside the country.
A May cargo was sold at $535-540/t fob Taiwan, while bids were around $530/t.
Interest from Vietnam was limited, as buyers remained cautious.
The market looks balanced, but export activity may stay low if domestic demand remains strong.
Australia and New Zealand Markets Stay Stable
The markets in Australia and New Zealand were mostly stable.
In Australia, dry weather and project deadlines before winter helped keep demand firm. There was also an enquiry for a Thai cargo for June.
In New Zealand, ongoing projects supported demand as contractors used their budgets before winter.
For now, both markets look steady without major changes.
India Prices Drop as Supply Increases
India saw a sharp drop in prices after more cargoes arrived from the Middle East.
Ex-tank prices fell to Rs75,000-80,000/t ($791-844/t), down from Rs92,000/t the week before. This happened as inventories increased.
Some cargoes were bought at mid-$300s/t fob Iran, even though official offers were above $450/t.
Demand is still weak, but import interest remains as buyers prepare for the remaining peak season.
Geopolitical risks are still affecting shipping, especially for container cargoes.
Bahrain Market Remains Quiet
Bahrain saw little activity, with export prices steady at $550/t fob Sitra.
There were no major changes, and the market remains stable but quiet.
Iran Exports Disrupted by Geopolitical Tensions
Iran’s export market is still heavily affected by the situation in the Strait of Hormuz. Shipping issues have reduced activity and limited new deals.
Some offers were at $325-340/t fob Bandar Abbas, but many buyers could not access them due to vessel risks.
Demand stayed weak, with buyers unwilling to accept strict payment terms.
However, land exports increased. Pakistan, Afghanistan, and even Uzbekistan saw active trade. For example, drums to Afghanistan were sold at $420-425/t.
For now, uncertainty remains high, and exports may stay limited.
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