Crude
Collapse
Reshapes
Asia’s
Bitumen
Trade
Amid
fears
of
a
global
recession,
Brent
crude
oil
prices
dropped
from
around
$79
to
$60
per
barrel
from
February
to
mid-April
2025,
a
decrease
greater
than
24%.
Simultaneously, the Singapore HSFO 180cst, the main index for Asian bitumen pricing, fell from $450/t to $390/t, down 13%. As a result, the bulk bitumen prices in Singapore dropped from around $450/t to below $400/t.
In South Korea, bitumen prices decreased from about $425/t to $395/t.
Southeast Asia experienced major changes. Vietnam boosted its bitumen consumption by up to 30% due to large-scale infrastructure and road projects. Bitumen consumption in Vietnam is expected to exceed 1.2 million tons in 2025.
In contrast, China and India saw weaker demand. In China, the yuan’s depreciation, construction slowdown, and the onset of a trade war with the US reduced domestic consumption. Also, reports mentioned China exporting bitumen to neighboring countries, further contributing to price declines across East Asia.
Tariffs
Opened
Africa’s
Gates
The
shutdown
of
South
Africa’s
“Natref
refinery”
brought
domestic
production
to
zero,
making
the
country
fully
dependent
on
imports.
As a result, bitumen imports from the Middle East to South Africa surged by more than 25% during March and April 2025.
Europe’s
Prices
Light
Dip
Amid
Global
Shocks
Europe
saw
a
milder
decline
in
bitumen
prices.
Mediterranean
bitumen
prices
fluctuated
between
$410/t
and
$450/t.
European
buyers
experienced
only
minor
changes,
with
most
bulk
deals
closing
at
a
$10
to
$15
discount
compared
to
prices
before
Trump’s
tariff
announcement.
Global
Bitumen
Market’s
Shifts
Clear
changes
emerged
in
export
routes.
South
Korea’s
bitumen
exports
to
Vietnam
increased
by
about
20%
in
recent
months,
while
Singapore’s
market
share
in
Vietnam
declined
from
around
55%
last
year
to
below
45%.
On the demand side, African and Asian buyers benefited from increased supply options. Consequently, offered prices at some East African ports dropped by up to 10%, and payment terms became more favorable.
As these conditions persist, the global bitumen market is expected to undergo further volatility and adjustments throughout 2025.
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