The European bitumen market moved lower in mid-December as construction and road work slowed before the Christmas and New Year holidays. Truck prices fell across most of north and central Europe, while cargo prices dropped more sharply, following declines in crude oil and high-sulphur fuel oil (HSFO). Weak demand in northern Europe, together with lower HSFO prices and wider discounts for Rotterdam and Baltic cargoes, added pressure on the market. At the same time, surplus cargoes from northwest Europe continued to move to Mediterranean and African markets, showing a growing gap between supply and demand.
Germany, End-of-year sell-off as activity slows
German domestic truck prices fell across all regions as construction activity dropped toward year-end.
Northern Germany saw the largest price declines, while southern and southwestern regions also recorded steady falls.Market participants said that a short rise in demand earlier in December came mainly from roofing work, but this was not enough to support prices.
High supply and weak buying interest continued to pressure the market.
Benelux, Stable prices, very low activity
Truck prices in the Netherlands and Belgium stayed mostly unchanged, as many asphalt plants closed and road projects stopped for the holidays.
Cargo supply in the Rotterdam area remained high, with extra volumes sent to Mediterranean and West African markets.
Despite stable prices, overall market activity in the Benelux region was very limited.
France, Weak market despite short-term sales
French domestic truck prices stayed stable in northern, central, and southern regions. Some delayed work from November supported demand in early December.
However, activity is expected to slow sharply from late December into the new year.
Market sentiment remains weak due to political uncertainty and delays in approving the 2026 budget. Many participants expect bitumen demand to fall in 2026.
UK & Ireland, Market close to standstill
Bitumen demand in the UK continued to decline, with most road projects expected to stop during the Christmas week.
Truck prices in southern UK stayed unchanged, while cargo arrivals into terminals fell to very low levels.
Market participants expect demand in early 2026 to stay similar to 2025 levels, which have already been falling in recent years.
Poland & Czech Republic, High supply, weak demand
Domestic prices in Poland and the Czech Republic dropped sharply due to high supply and low seasonal demand.
Exports from Poland to Germany also slowed, forcing sellers to cut prices further.
Winter weather and the holiday period pushed construction activity in both countries close to a standstill.
Ukraine, Strong demand supports prices
Ukraine moved against the regional trend, as higher government spending and mild weather supported demand.
Domestic prices increased, and import volumes rose slightly compared with November.
Border delays and transport limits reduced supply, helping prices stay firm despite weak conditions elsewhere.
Hungary, Romania & Balkans, Demand weak, supply risks ahead
Truck prices in Hungary and Romania edged lower as seasonal demand continued to fade.
So far, lower refinery output has had limited impact because consumption remains weak.
However, market participants warned that long refinery outages in 2026, together with sanctions-related issues in the Balkans, could tighten supply later on.
Nordics & Baltics, Very low activity, focus on 2026 contracts
Construction activity in Nordic and Baltic markets remained extremely low, with almost no truck or cargo movements.
Market participants focused on securing term supply contracts for 2026, with large suppliers winning volumes for next year.
Italy, Lower HSFO values push prices down
Italian domestic truck prices fell further as lower HSFO prices reduced market values.
Cargo loadings at the Augusta refinery in Sicily started to return to normal after long maintenance, easing earlier supply tightness.
Domestic demand stayed stable in December due to good weather, but high supply from several refineries kept prices under pressure.
Spain & Portugal, Seasonal slowdown boosts exports
Construction activity in Spain and Portugal slowed sharply in December, reducing domestic demand and increasing export supply.
Spanish cargo premiums fell, while truck prices stayed unchanged but activity dropped near year-end.
Demand is expected to recover gradually from late winter or early spring.
Greece, Key exporter with limited spot supply
Greek terminals remained an important export source for North Africa, but spot cargo availability stayed limited through January.
Domestic truck prices declined, following weaker HSFO values.
No new near-term sell tenders were reported.
Turkey, Lower prices, steady export
Turkish domestic truck prices fell for a second week, following lower feedstock costs.
Export shipments continued, with several vessels loading for Mediterranean markets.
Buyers remained cautious about long-term purchases due to uncertainty around crude supply and sanctions, even though bitumen itself is not restricted.
Outlook
European bitumen markets are expected to stay under pressure through late December and early January, as winter weather and holidays limit construction activity.
Cargo prices will likely continue to follow movements in crude oil and HSFO, while surplus supply from northern Europe will keep flowing to export markets.
Looking into 2026, the market focus will shift to infrastructure budgets, refinery operations, and possible supply disruptions, which may change the balance once seasonal demand starts to recover.
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