This report examines the bitumen market across Singapore, Malaysia, Indonesia, Thailand, Vietnam, and Iran, highlighting price movements, demand trends, and supply dynamics. Rising tensions in the Middle East, coupled with firming crude and fuel oil prices, have influenced export prices and market activity. While some countries face holiday or weather-related slowdowns, others show signs of demand recovery, with varying price indications and supply pressures.
Rising Export Prices in Singapore
Export prices for bitumen in Singapore edged upward as short-term supply issues lessened and costs for crude and fuel oil strengthened amid growing Middle East tensions. Certain refiners started receiving trader requests for August shipments, often at elevated prices compared to July. Importers showed interest at $390-395/t fob Singapore, though those needing urgent shipments paid up to $400-405/t fob by the end of the week.
Holiday-Driven Low Demand in Malaysia
Bitumen usage in Malaysia was subdued due to the Eid al-Adha public holidays. Industry participants noted that contractors often take time to resume operations, even after the primary holiday period ends.
Indonesia and Emerging Demand Signals
Initial signs of rising demand appeared in Indonesia, with importers fielding inquiries from contractors. Tender processes for several road projects commenced. Buying interest started at $390-400/t FOB Singapore earlier in the week but climbed to approximately $405/t FOB Singapore by the week ending 13 June, reflecting higher crude values.
Steady Demand in Thailand
Persistent rainy weather disrupted road-paving efforts in Thailand, but domestic demand remained robust, bolstered by sufficient government allocations. Thai-origin cargo discussions were muted, with prices hovering at $395-400/t FOB Thailand.
Stable Demand in Vietnam
Demand for bitumen in Vietnam held steady at moderate levels, unchanged from the previous week, despite occasional rainfall in parts of the country. Offers were priced at $443-445/t CFR in south Vietnam and $455/t CFR or more in the north. Bids and buying interest in south Vietnam ranged from $430-435/t CFR.
Iran Bitumen Market and Uncertainty
Heightened uncertainty stemming from US-Iran nuclear negotiations, a recent Israeli assault on Iran, and volatile exchange rates affected Iran’s market. Suppliers quoted bulk cargoes at $320-340/t FOB Bandar Abbas, while the monsoon season curtailed consumption in south Asia.
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Bitumen Price In Middle East (Updated on Jun 17, 2025)
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