Singapore seaborne bitumen prices fell this week as weak demand prompted some suppliers to lower offers. End-November and December-loading cargoes were offered by Chevron and PetroChina on the Argus Open Markets (AOM) platform, but most attracted little buying interest. Limited deals were reported, with a few first-half December cargoes completed into Vietnam and Indonesia at around $390–395/t FOB Singapore.
Singapore, Prices Decrease
Seaborne pen 60/70 offers from Singapore dropped slightly due to continued supply surplus and weak basics. Chevron offered a 3,000 t end-November cargo at $394/t FOB Singapore, including demurrage on 12 November, down from $398–400/t earlier. PetroChina offered a second-half December cargo at $387/t FOB Singapore on 13 November, reduced from $393–395/t. Tank truck prices for exports to Malaysia were checked at $425–430/t ex-refinery.
Malaysia, Demand Supported by Dry Weather
Domestic demand improved slightly as road paving and maintenance projects progressed smoothly before the northeast monsoon. Despite one Malaysian refiner temporarily stopping production, imports from Singapore maintained a steady supply.
Vietnam & Thailand, Import Interest Limited
Vietnamese demand remained weak due to prolonged wet weather and high domestic inventories. A 4,000–5,000 t dual-port December cargo was concluded into central Vietnam at $430–440/t CFR. Thai import demand stayed muted despite dry conditions in some areas; buying indications for December-loading cargoes were around $390–400/t FOB Thailand.
South Korea, Prices Getting Lower
December-loading export offers from Yeosu-based refiners were reported around $345–350/t FOB, reflecting $30/t discounts to 380cst HSFO levels. Domestic demand from East China was weak, with buying indications for imports largely in the $345–360/t FOB range.
China, Domestic Prices Pressure Remains
Domestic bitumen prices in north and east China softened slightly due to weak demand and limited winter savings. Listed factory price offers in Shandong were around 2,950–3,620 yuan/t ($416–510/t), while East China fell to 3,020–3,140 yuan/t. South China offered to move slowly down to 3,030–3,080 yuan/t.
India, Import Demand Mixed
Karnataka saw strong domestic price growth amid limited imported cargo supply, with Mangalore prices up to Rs40,500/t ($456/t) ex-tank. Southern and western regions reported higher consumption due to favorable weather, while northern regions remained slow.
Outlook
The Singaporean and Asia-Pacific bitumen markets are likely to remain soft-to-stable in the near term. Weak demand across Southeast Asia and competitive domestic prices in China and India will continue to weigh on seaborne trade, while supply from Singapore and regional refineries remains ample. Seasonal rains may limit construction activity, particularly in Vietnam and Thailand.
Charts
Bitumen 60/70 Price Today in Asia
Need a reliable bitumen supply? Reach out now for competitive offers!
