Bitumen prices across Asia-Pacific and the Middle East fell more this week as oversupply and weak regional demand continued to weigh on the market. Even though some refineries had maintenance, total export availability was still a lot. Falling high-sulphur fuel oil (HSFO) values also hurt confidence. Main prices moved lower, with ABX 1 (FOB Singapore) at $403/t (−$4 w/w) and ABX 2 (FOB South Korea) at $395.5/t (+$2 w/w).
Singapore
Bitumen export prices fell again amid weak demand and high regional inventories. October-loading offers on the AOM platform started at $410/t FOB but were reduced to $406/t FOB without attracting any buyers. A 4,000–5,000 t cargo was sold to Indonesia at around $395–400/t FOB Singapore (netback). Truck export prices to Malaysia were assessed at $426–428/t from the refinery, slightly lower week-on-week. Regional traders noted buyers’ wait-and-see approach as they expected further price weakness.
South Korea
Export mood was slightly stronger early in the week, with some October-loading talks around $400/t FOB. Later in the week, a 5,000 t cargo offered on AOM fell from $405/t FOB to $395/t FOB, but no deal was done.
Demand from east China was quiet during China’s National Day holidays (1–8 Oct), limiting trading activity.
China
Market activity slowed during the Golden Week holidays. Supply in east and south China stayed balanced-to-high compared with consumption, due to earlier stock-building and wet weather.
Domestic ex-works prices were mostly steady: East China ¥3,300–3,470/t, South China ¥3,230–3,300/t.
Some south China export ideas for October were heard as low as $400/t FOB, showing weak regional demand.
Taiwan
Export demand from northern Vietnam stayed quiet, shifting toward November-loading cargoes. Buying ideas were around $395/t FOB Taiwan, while sellers offered near $405/t FOB. Heavy rainfall and flooding in northern Vietnam reduced short-term buying interest.
Malaysia
Demand picked up briefly early in the week but slowed again by 3 October amid scattered thunderstorms. Oversupply continued both domestically and from Singapore, as local buyers did not fully use their purchase quotas.
Traders expect stronger October demand than September once budget allocations and infrastructure work resume.
Indonesia
Buying activity stayed weak; most importers had enough inventories and waited for more price clarity. A 4,000–5,000 t Singapore-origin cargo for late-October loading was done at about $440 CFR, with freight around $40–45/t. Netback buying ideas for late-October and early-November cargoes were mostly below $400/t FOB Singapore.
Vietnam
Typhoon Bualoi and ongoing monsoon rains disrupted demand across northern and central Vietnam. Most buyers moved to November cargoes because storage was full.
Offers for Singapore-origin cargoes were around $440–445 CFR South Vietnam, while bids capped at $430–435 CFR North Vietnam. Overall near-term demand recovery seems unlikely before November.
Thailand
Consumption stayed different: slower in the north due to rain, better in the south under drier conditions. Domestic refiners focused on local sales because of better margins than exports.
October export offers stayed stronger near $420/t FOB Thailand, while buying interest was thin due to China’s holiday period.
India: Weak Demand
Domestic demand stayed weak under long monsoon conditions. State-owned refiners in Mumbai cut VG10/VG30 bulk prices by up to ₹1,120/t (≈ $12.6/t) for the current fortnight. Drum imports from Iran and Iraq were stable, though importers stayed careful given uncertain post-monsoon recovery. Stronger demand is expected only after Diwali holidays in mid-October.
Iran
Bulk cargoes sold at $263–274/t FOB Bandar Abbas & Qeshm; drum cargoes at $370–388/t FOB Bandar Abbas.
Rial depreciation and limited vacuum-bottom supply hurt confidence in the market.
Bahrain
FOB Sitra seaborne prices unchanged at $400/t; focus stayed on truck exports to nearby markets.
Iraq
Kurdish crude export restart to Turkey tightened feedstock supply; some suppliers raised offers by $5–10/t.
Outlook
Market mood remains careful heading into October.
Supply across Asia and the Middle East is expected to keep downward pressure on prices, even as refinery maintenance could temporarily limit exports later in the month.
Demand recovery in India and continued infrastructure spending in East Africa may give slight support, but overall the regional bitumen market is expected to stay low or stable with a downward bias in the short term.
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