Bitumen markets across East Asia turned softer during the week ending 17 October 2025, pressured by falling crude and fuel oil values and limited downstream demand. Export prices in South Korea declined sharply, while China’s domestic and import levels continued to drop amid oversupply and cautious buying. Taiwan’s market saw only limited discussions as regional demand remained subdued. Overall, trading liquidity was low, and the price gap between Singapore and South Korea widened to more than $30/t, reflecting diverging regional dynamics.
South Korea, Sharp Export Drop
South Korea export prices fell significantly this week, tracking sharp declines in the fuel oil and crude markets. Ayeosu-based refiner concluded its November loading export tender at discounts of around $5/t to 380cst HSFO values, translating to $365-375/t FOB South Korea.
Despite initial interest from Chinese importers who found these offers competitive, falling domestic prices in China quickly decreased demand.
China, Oversupply, Weak Demand
China’s bitumen prices fell again as most buyers avoided new purchases, with crude oil and fuel prices still weak.
In East China, factory prices dropped to ¥3,200–3,400 per ton ($449–477), and in South China to ¥3,190–3,280 per ton ($447–460).
Suppliers reported high stock levels and slow sales, since most road construction projects had already finished before winter.
Import prices for November shipments were around $400–405 per ton (CFR East China), but buyers wanted lower offers, near $385–395, in line with the local market drop.
Bitumen futures on the Shanghai Exchange also fell, hurting market confidence.
Analysts expect the market to stay weak until late November or early December, when drier weather and new demand might appear.
Taiwan, Limited Spot Trades
Taiwan’s export market experienced limited short activity. Buyers from Vietnam were asking about cargoes that would be loaded in the second half of November, but there were big differences in bids and offers that stopped deals from happening. Offers were mostly at $395/t FOB Taiwan, while buyers targeted $390/t.
Weak demand in Vietnam and big supply chains in northern ports made people even less interested in buying, thus most refiners focused on long-term supplies.
Japan, Stable Domestic Market
Japan’s domestic market remained reasonably constant, with prices set at $554-574/t, down only $2/t from the previous week. Demand was stable, supported by ongoing maintenance work and municipal infrastructure projects. However, the general opinion followed regional trends, with refiners monitoring crude fluctuations closely before adjusting November offers.
Regional Trends, Wider Price Gap
In East Asia, bitumen supply was plentiful, but buying interest stayed weak.
The price gap between Singapore and South Korea grew larger, Singapore cargoes sold above $400 per ton, while South Korean supplies to Southeast Asia were cheaper, even though demand from Indonesia and Malaysia showed a small improvement.
Outlook
Experts expect East Asian bitumen prices to keep falling in the short term because of lower crude prices and the seasonal slowdown in construction.
There is some hope for a slight recovery in late November, as drier weather could boost roadwork in China and South Korea.
Still, unless oil prices rise or demand improves, refiners will likely keep prices steady or cautious over the next few weeks.
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