The Asia-Pacific and Middle East bitumen market remains supported by tight supply despite generally weak demand. Limited exports from Singapore, South Korea, China, and the Middle East continue to support prices across the region. Many buyers remain cautious because of high inventories, slow project activity, and budget constraints. At the same time, shipping disruptions and feedstock shortages are restricting supply. India remains under the most pressure, with higher domestic prices and weaker consumption. For now, market direction is being driven more by supply availability than by demand.
Singapore Prices Supported by Limited June Supply
Singapore prices moved slightly higher as June cargo availability became tighter. Most refiners had already committed their volumes, while lower-priced South China cargoes also became rare. Suppliers were offering material at around $575/t fob Singapore and above.
Demand remained weak across Southeast Asia. Buyers in Vietnam were discussing levels around $530-550/t fob Singapore, while Indonesian buyers were near $560/t fob. Tank-truck export prices increased to $640-645/t ex-refinery. For now, limited supply is providing more support than demand.
Malaysia Market Stays Quiet
Malaysia’s market remained slow as wet weather and limited project activity reduced paving work. Contractors also delayed projects because of higher diesel costs.
Importers reported that Singapore-origin bitumen became roughly $20/t more expensive, but domestic production and imports continued to keep supply comfortable. The market is currently waiting for stronger construction activity rather than additional supply.
Indonesia Waits for New Tenders
Road paving activity remained slow after many short-term projects were completed. Buyers preferred to wait for new government tenders before purchasing more cargoes.
Import discussions for June were limited, with buyers looking at $630-640/t cfr Indonesia. Supply from Singapore and China remained tight. Pertamina is expected to restart production in June and July at around 15,000t per month, which could help improve local availability.
Thailand Demand Improves
Thailand was one of the stronger markets this week. Several contractors resumed paving activity, while forecasts for a drier rainy season improved market sentiment.
June cargoes attracted buying interest from regional importers. Sellers were offering material at $565-575/t fob Thailand, while buyers were willing to pay around $560-565/t fob. Demand may continue improving if weather conditions remain favorable.
Vietnam Buyers Remain Cautious
Vietnam’s market stayed quiet as most importers already hold sufficient inventories. Many storage tanks remain full, reducing the need for fresh purchases.
High prices and lower project funding also slowed paving activity. Buyers were discussing June cargoes at around $590/t cfr Vietnam, equivalent to $540-550/t fob Singapore. Unless inventories decline, demand is likely to remain weak.
South Korea Export Availability Continues to Tighten
Limited supply continued to support South Korean export prices. Demand from eastern China remained slow because of seasonal rain, but export availability stayed restricted.
Chinese buyers raised their target levels to around $530-540/t fob South Korea. April exports dropped to 87,996t, down 43% from a year earlier. With some refiners yet to release June cargoes, supply is expected to remain tight.
China Prices Move Higher on Tight Supply
Chinese prices increased again despite weak seasonal demand. In Shandong, prices rose to Yuan 4,300-4,520/t ($632-665/t) from Yuan 4,230-4,520/t last week.
Demand remained limited because of rainy weather and funding constraints. Buyers were looking at around $580/t cfr East China and $600/t cfr South China. Supply could tighten further as refinery maintenance approaches in June.
Taiwan Focuses on Domestic Demand
Australia and New Zealand Enter Seasonal Slowdown
Cold winter weather continued to slow paving activity across Australia and New Zealand. Temperatures around 5-10°C limited construction work, while many major projects have already been completed.
The market remains stable, but demand is expected to stay seasonally weak in the coming months.
India Faces High Prices and Falling Consumption
India remained under severe supply pressure as bitumen tankers stayed delayed in the Middle East. Domestic prices rose above Rs80,000/t ($828/t) from around Rs70,000/t a week earlier.
Middle East cargoes were offered at $320-330/t fob, while Southeast Asian material was available above $600/t cfr India. Demand remained weak because prices were too high for many contractors. April consumption fell to 598,000t, down 31% year-on-year, marking the lowest April level since 2020.
Bahrain Market Remains Stable
Bahrain was one of the region’s most stable markets. Export prices remained at $550/t fob Sitra, while truck cargoes were also traded around $550/t ex-refinery.
Market activity was limited but unchanged from previous weeks.
Iran Exports Continue to Face Logistics Challenges
Iranian export activity remained slow because shipping disruptions continued to limit vessel availability. Bulk cargoes were offered at $315-325/t fob Bandar Abbas, while drum cargoes were offered between $390-430/t fob, depending on grade.
Many buyers remained cautious because loading schedules were uncertain and freight costs stayed high. On the IME, around 62,758t traded at approximately $458/t ex-factory. For now, logistics remain the main challenge rather than pricing.
Iraq Trade Activity Remains Limited
Iraqi exports remained slow as logistics disruptions continued to affect regional trade. Bulk cargoes were offered at $410-420/t ex-works Dogubayazit, while drum cargoes were available at $460/t fob Umm Qasr.
Some small volumes reportedly moved to India at $600-610/t cfr, but overall trading activity remained limited due to weak demand and transportation uncertainty
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