During the last week, construction activity and bitumen prices were still lower than market participants’ expected levels, especially in key markets such as Nigeria, South Africa, and Kenya; however, prices were stable. In the last week of February, HSFO prices decreased, and consequently, West African import prices dropped.
West Africa’s Price Dip
A significant decrease in Mediterranean HSFO prices and a decline in Brent crude oil prices affected prices for import cargoes to West African destinations. At this time of year, construction activity and bitumen imports were still sluggish. By the way, a number of deliveries were made to West African terminals.
Nigeria’s Slowdown in Imports
Because of the late payments to contractors, bitumen demand and import were lower in March 2025 than in the first two months of the year. President Bola Tinubu’s new administration was claimed in May 2023 after he won the country’s February elections. According to vessel tracking data, bitumen cargo imports into Nigeria slipped to 219,500 tons last year.
Shifting Priorities in Kenya
Primary construction limitations include slow and late payments by government agencies in Kenya and Uganda and decreased rates of bitumen import requirements. As market participants said, priorities in infrastructure funding have changed since President William Ruto’s last year.
Stability Concerns in DRC
Concerns over political and social stability in the Democratic Republic of Congo (DRC), which is essential for road project work and bitumen truck imports to proceed safely, continued to be high.
Rainfall Slows South Africa’s Projects
Considerable and regular rainfall in some inland and coastal areas of South Africa continued to restrict the rate of project work, and the resulting limitations in truck offtake rates kept stocks of imported bitumen at fairly high levels.
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Bitumen Prices In Africa (Updated on Mar 3, 2025)
