Bitumen markets across Asia showed mixed trends this week. In Singapore, prices rose to $435-440 per ton FOB due to limited production and tight refinery stocks. Malaysian demand remained steady as contractors rushed to complete projects before Ramadan, though rainy weather slowed some work. Indonesia’s market held firm at $405-410 per ton amid ample supplies, while Thailand’s reduced refinery output kept offers scarce at $430-435 per ton. Vietnam’s post-Tet recovery was slow, with higher demand in the south compared to the weather-affected north. India’s consumption remained stable, with 18,300 tons of VG40 cargoes purchased at $325-333 per ton FOB Iran.
Singapore Bitumen Prices Rise
Bitumen prices in Singapore increased this week due to a lack of production. One major oil company might face delays in February and March because of the shortage of bitumen suppliers in Singapore. This week, prices for Singapore cargoes mainly were at $435-440 per ton FOB. Major refineries in Singapore had poor stocks, so buying quotas were limited to one truckload per buyer per day.
Malaysia’s Bitumen Demand and Ramadan’s Approach
The demand for bitumen in Malaysia was reasonable. Contractors are trying to complete projects before the Ramadan Period. However, the rainy weather in parts of Malaysia, such as Kuala Lumpur, Johor Bahru, and Sarawak, weighed on consumption levels in some projects.
Indonesia’s Market Hold Steady with Huge Supplies
Buying indications in Indonesia were scarce and mainly remained at $405-410 per ton. Most importers still have sufficient supplies and are focused on receiving term shipments.
Thailand’s Tight Supply Keeps Market Quiet
Thai refiners continued to run at reduced rates and prioritized supplies to the domestic market. Offers and selling indications were scarce at around $430-435 per ton FOB Thailand. Buying interest was thin as importers were aware that Thai supplies were tight.
Vietnam’s Post-Tet Bitumen Recovery
Contractors in Vietnam were slow to resume work following the recent Tet festival. Demand from south and central Vietnam was relatively wealthier compared to the northern regions, where ongoing weather was not helping road construction. February is typically slow because construction work is usually suspended temporarily until the later part of February because of the Tet holiday.
India Gears Up for Rising Demand
Consumption in India was stable but is expected to increase in the coming weeks. Around 18,300 tons of bulk VG40 cargoes were purchased at $325-333 per ton FOB Iran.
Limited Supply and Rising Costs in Iran
Iranian seaborne bulk cargo prices were set earlier in the week because of tight supply. Although buying interest from India and UAE picked up, albeit slowly, some suppliers still took to the sidelines and refrained from offering cargoes due to squeezed margins. At least 26,000 tons of bitumen penetration 60/70 and VG40 cargoes were sold at $325-330 per ton FOB Bandar Abbas. Some cargoes were loaded from Bandar Imam Khomeini port at $307-313 per ton FOB, while no new deals emerged from Qeshm Port. Offers at Bandar Abbas also increased to $325-335 per ton FOB Iran, thanks to the recent $4 per ton increase in domestic transportation costs.
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