Bitumen cargo prices in the Mediterranean increased during the week as regional high-Sulphur fuel oil (HSFO) values strengthened. However, weak seasonal demand and comfortable supply levels limited changes in cargo differentials. Construction activity slowed across several North African markets during Ramadan, while earlier heavy rainfall had already reduced roadwork projects and truck offtake. At the same time, strong supply availability especially from Spanish refineries pushed exporters to search for additional markets across the Mediterranean region.
Algeria and Morocco
Bitumen cargo flows from Spain to Algeria resumed after a suspension of more than three years caused by political tensions between the two countries.
A cargo loaded at the Tarragona refinery was discharged at the Arzew terminal in western Algeria in late February, marking the return of Spanish supply to the market.
International trading firms have shown growing interest in increasing shipments from Spain into Algeria.
Some private Algerian importers are also considering Spanish supply as an alternative to material from Italian and Greek refineries.
However, the state-owned energy company Sonatrach is considered less likely to purchase Spanish cargoes, as it continues to receive sufficient volumes from its refinery in Augusta, Sicily, as well as from eastern Mediterranean suppliers.
Market activity in both Algeria and Morocco remained slow during Ramadan.
Earlier heavy rainfall had already weakened construction activity, leaving importers with relatively high inventory levels.
As a result, some suppliers have reduced delivered cargo premiums to encourage transactions.
Algeria imported about 40,000 tonnes of bitumen in February, down from approximately 52,000 tonnes in January, as adverse weather slowed construction projects earlier in the month.
Libya and Tunisia
Road construction and infrastructure activity in Libya slowed significantly following the start of Ramadan, with a similar situation observed in Tunisia.
No new cargo deliveries were recorded into Libya for the second consecutive week.
The country imported around 21,000 tonnes of bitumen in February, lower than the roughly 29,000 tonnes recorded in the same month last year.
Greece remained the primary supplier of Libyan imports.
Tunisia also recorded no new imports during the final week of February.
Despite the recent slowdown, market participants expect demand in Tunisia to increase during the year as several new road and highway projects are scheduled to begin.
Spain and Portugal
Domestic truck prices in Spain remained stable at around €425–435 per tonne ex-works.
Weak domestic demand and strong product availability continued to keep Spanish export cargo differentials at discounts to Mediterranean HSFO values.
Spanish bitumen consumption in 2025 reached approximately 925,000 tonnes, according to official reserve data, representing a 10% increase compared with the previous year.
However, some market participants believe the actual consumption level may be lower.
Domestic construction activity in Spain is expected to gradually resume by mid-March as seasonal conditions improve.
Italy
Domestic truck prices in Italy increased slightly to €355–370 per tone ex-works, including domestic taxes.
While overall demand remains moderate, certain regions have experienced localized increases in roadwork activity.
Italian bitumen consumption in January was around 76,000 tones, slightly lower than the 80,000 tones recorded in the same month last year.
Weather conditions also affected exports from the country.
Storms in the Mediterranean during late January delayed cargo loadings from southern Italian ports. Italy exported approximately 61,000 tones of bitumen in January, but exports fell to about 26,000 tones in February.
Greece
Greek bitumen exports declined month-on-month after maintenance work began at the Aspropyrgos refinery in late January.
Exports fell to around 58,000 tonnes in February compared with approximately 91,000 tonnes in January. The refinery maintenance is expected to continue until mid-March, which may temporarily limit export availability.Despite the maintenance work, several cargoes were still shipped from Greek terminals to destinations including Morocco, Togo, and Algeria during the last week of February.
Domestic truck prices in Greece increased during the week as refinery pricing adjustments were implemented.
Turkey
Turkish producer Tupras increased domestic truck prices by about TL665 per tonne in late February, bringing prices to roughly TL18,671 per tonne ex-works at the Izmir and Izmit refineries.
The company has announced a major refinery maintenance program for 2026, covering several of its facilities including Izmit, Izmir, Kirikkale, and Batman.
No export cargoes were recorded leaving Turkish terminals during the final week of February.
Outlook
In the short term, Mediterranean bitumen demand is expected to remain relatively slow due to Ramadan and seasonal construction delays in North Africa.
However, activity may gradually recover in March as road projects restart and weather conditions improve.
At the same time, ample supply from Mediterranean refineries particularly in Spain could continue to support export availability across the region.
Additional inflows of heavy crude grades into regional refineries may also increase bitumen production in the coming months, providing buyers with more supply options in the Mediterranean market.
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