In late July and early August 2025, the bitumen market in East Asia showed mixed signs. Both southern and northern Vietnam saw moderate activity, especially for cargoes from Singapore which were traded at slightly higher prices. In South Korea, prices dropped after a big tender ended, but exports to Southeast Asia and Australia increased significantly. China’s domestic demand stayed low because of rainy weather and cautious buyers. Taiwan’s market remained quiet, with sellers and buyers not agreeing on prices. Meanwhile, cargoes from the Middle East gained interest in northern Vietnam as a cheaper option compared to Asian sources.
Vietnam Market Developments
At the end of August, buyers in both southern and northern Vietnam showed interest in bitumen cargoes from Singapore, with prices around $470-480 per ton on a CFR basis to South Vietnam, and freight costs near $40 per ton. However, some buyers in northern Vietnam thought these prices were too high and looked at cargoes from South China instead, which were cheaper. Despite this, demand in northern Vietnam remained cautious overall. Offers for September shipments from South Korea and Taiwan did not attract much attention, reflecting limited demand for those sources.
South Korea Pricing and Exports
After a recent tender sale, South Korean bitumen prices fell to about $410-415 per ton FOB. Despite lower prices, exports in the first half of 2025 rose, especially to Southeast Asia, Japan, and Australia. This was partly due to traders taking advantage of price differences in the region. Singapore’s export prices were around $20 per ton higher than South Korea’s FOB prices. Even though South Korean prices were competitive, buying interest from east China remained low because domestic prices there were also attractive.
China Domestic Market and Pricing
China’s domestic demand weakened due to frequent rain, especially in the southern and central parts of the country, although the north saw stronger demand. Prices in Shandong province dropped slightly to between 3,550 and 3,970 yuan per ton. Prices in east and south China also fell a bit, affected by slow road construction and lower bitumen production. Import demand into east China remained low due to competitive domestic costs, with imports limited at approximately $440-445 per ton CFR.
Taiwan Market Overview
Demand in northern Vietnam for bitumen from Taiwan was steady for August and September shipments, but suppliers had limited cargo for August. Wide gaps between buyers’ bids and sellers’ offers showed caution among suppliers and strong competition from other regional sources. Some deals suggested prices around $430-435 per ton FOB Taiwan. Overall, demand from the region remained quiet.
Middle East-Origin Cargo Interest
Buyers in northern Vietnam showed interest in cargoes from the Middle East because they were priced lower, around $440-450 per ton CFR Haiphong. These cargoes provided an alternative to the more expensive Asian-origin supplies.
Economic Outlook
Recent economic forecasts suggest the following:
- China: Moderate growth expected despite ongoing challenges from weather, with infrastructure projects likely boosting bitumen demand from late 2025.
- South Korea: Exports expected to grow steadily, focusing more on Southeast Asia.
- Vietnam: Moderate demand influenced by the monsoon season and regional pricing pressures.
- Taiwan: Stable demand with no strong inventory pressures forecasted.
In summary, weather and economic factors will continue to affect bitumen supply and demand in East Asia through the end of 2025.
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Bitumen Price in Asia (Updated on Aug 12, 2025)
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