Bitumen markets across Asia and the Middle East were quiet during the last week of October. Many buyers are currently planning their November cargoes, and heavy rains in several countries reduced road paving activities. Singapore prices moved slightly down, while South Korea showed a small increase. Thailand and Malaysia were among the few markets with stable demand, supported by dry weather and post holiday recovery. In the Middle East, Iranian prices came under pressure because of weaker feedstock costs and export license problems for some producers.
Singapore, Prices Slightly Down
Bitumen prices in Singapore fell a little to around $395–400/t fob. Trading activity was limited because most buyers had already purchased their November volumes. Some importers requested to delay deliveries since their storage tanks were full. Discussions for December cargoes have started, but no strong demand has appeared yet.
Malaysia, Demand Improves after Diwali
After the Diwali holiday, demand in Malaysia increased as construction companies returned to work. Highway projects planned for the fourth quarter are expected to support bitumen consumption. Supply from Singapore is still enough to meet local needs, although some buyers remain cautious about the upcoming monsoon season.
Indonesia, Stable Market with Low Activity
The Indonesian market stayed stable, but dealing was slow because most buyers finished adding larger quantities before the market opened.Only one new deal was heard for about 3,000 tons at $440–450/t cfr, including freight cost of around $35–45/t. Importers are expected to show limited interest in December cargoes,only buying to meet short-term needs.
Thailand, remained stable Local Demand
Thailand continued to see local demand thanks to dry weather that allowed road construction to continue smoothly. Domestic producers focused on supplying the local market, where prices are higher than export levels. Export offers were between $405–420/t fob, while most regional buyers were looking for cheaper prices under $400/t, making exports difficult.
Vietnam, floods Limit Road Projects
In Vietnam, heavy rainfall and flooding in central areas slowed construction projects and reduced imports. Buyers mostly stayed out of the market and waited for drier conditions, which are expected in late November. Offers from Singapore were reported at $445–450/t cfr to northern Vietnam, but buyers’ bids stayed lower, around $425–435/t cfr.
South Korea, Prices Move Up
South Korean bitumen prices increased slightly to $360–380/t fob. Some refineries in Onsan sold November cargoes at higher levels, and late October shipments were sent to Australia. Export discussions with China continued, mainly for project based orders.
China, Mixed Market Conditions
China’s market was divided by region. In the north and east, prices declined as colder weather slowed demand. Buyers preferred to wait for lower prices before purchasing. In the south, drier conditions supported better demand, and prices rose slightly. Import discussions from South Korea and Singapore were heard between $390–415/t cfr, depending on the destination and quality.
Taiwan, Quiet Market
In Taiwan, November cargoes were almost sold out, and trading activity was limited. Regional trading companies offered prices around $395/t fob, but there was little buying interest.
December loading discussions are expected to begin soon.
India, weak Demand and High Stocks
Bitumen demand in India remained low due to extended rainy weather and large supplies at ports. Imported bitumen from the Middle East was offered around $260–265/t fob, with freight new containers because storage space was full. Market participants expect some recovery in early November after the revision of local prices.
Middle East, supply Problems and Lower Prices
In the Middle East, bitumen prices stayed mixed. In Iran, many suppliers faced export license issues, which delayed shipments. Iraq reduced drum prices to $335–350/t fob Bandar Abbas because of weak demand from India. In Bahrain, prices remained stable at $400/t fob Sitra, as production was limited.
Outlook
Bitumen demand in Asia is expected to stay low to stable during early November. Continuous rainfall in Vietnam, Malaysia, and India will keep consumption slow, while Thailand and South Korea are likely to remain stable. Singapore prices are expected to move around $395–400/t fob until stronger buying interest appears in December. In the Middle East, limited supply and export delays may bring short-term stability, but weak regional demand will continue to prevent any major price rise.
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