The Asia-Pacific and Middle East bitumen markets still had weak demand in mid-September. Some places like Malaysia and parts of Indonesia saw a small rise, but most markets stayed under too much supply and seasonal slowdowns. Buyers were careful because of high stocks, rainy weather, and planned refinery repair.
Singapore: Prices Go Down
Singapore’s export prices went down a little, with October cargoes offered at $410–415/t fob. Weak demand and high stock levels stopped any big rise, even with less production expected later. Early offers at $415–420/t fob did not get buyers, with some deals to Indonesia at $405–415/t fob. The fall of the US dollar did not help, as importers focused on using current stocks.
Malaysia: Small Rise
Demand in Malaysia grew a little after fewer public holidays. But total use was still slow, and too much supply from local and Singapore sources kept prices at $428–430/t ex-refinery. People think demand will get better only when new projects start or Singapore refineries stop for repair.
Indonesia: Steady Demand
Use in Indonesia was steady, with west Indonesia better than east. Tender-based buying led to some October deals at $470–475/t cfr for 4,000–5,000t cargoes, while smaller 3,000t shipments sold at $450–455/t cfr. Most importers are still well supplied and careful, showing weak demand.
Thailand: Limited Exports
Exports were low, as refiners gave more to local buyers. October offers at $415–425/t fob got little interest, and rainy weather slowed demand. People expect demand to return after rain ends.
Vietnam: Low Activity
Importers in Vietnam did little for September cargoes, with enough stock already. October cargoes had few buyers, with bids at $395–410/t fob Singapore for north Vietnam and $430–435/t for the south. Heavy rain and monsoon lowered demand.
South Korea: Export Prices Fall
South Korean export prices fell after a spot tender closed. October cargoes sold at $390–395/t fob South Korea, with some going to Southeast Asia because of price advantage. Local demand in east China was weak, keeping bids at $380–390/t.
China: Slow Rise
North China had a small recovery, while east and south were weak. Shandong prices dropped to 3,480–3,770 yuan/t ($489–530/t), and use was still low. Rain and money problems stopped new projects, keeping Singapore cargo offers at $450–460/t CFR south China.
Australia & New Zealand: Winter Low Demand
Cold and wet weather slowed work. Some demand came in Queensland with dry days, but most importers had already bought cargoes.
India: Weak Demand
Local use was low because of monsoon. Imports in bulk and drums were bought only by some, to get ready for post-monsoon. VG40 bulk prices were $275–280/t fob Iran. People expect more activity in October.
Iran & Iraq: Slow Exports
Iranian bulk prices fell as export demand was soft. About 18,250t of pen 60/70 and VG40 sold at $274–278/t fob Bandar Abbas. Local demand was stable, supported by the Iran Mercantile Exchange, with state refiners sending to producers. Iraqi drum exports slowed with weak demand from India, with offers at $340–345/t fob for pen 60/70 and $350–365/t for VG30
Outlook
The Asia-Pacific and Middle East markets have mixed future. Rainy season, high stocks, and less refinery work limit demand. Malaysia and parts of Indonesia may see small growth, while Singapore, Vietnam, and China keep too much supply. Refinery repair in Singapore and new projects in late September or October may give short-term support, but overall the market stays careful.
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Bitumen 60/70 Price Today in the Middle East
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