Mid-November 2025 Bitumen Market Review: Mixed Regional Price Trends
Global oil and bitumen markets experienced contrasting pressures in mid-November 2025, as weaker demand weighed on prices in most regions while supply-side constraints offered support in selected markets. Brent crude prices fluctuated between approximately $62.9 and $65.3 per barrel during the 10–16 November period, with the weekly average settling near $63.8 per barrel, slightly lower than the previous week.
Bitumen markets globally leaned bearish due to sluggish consumption, particularly in Asia and parts of Africa. However, this broader softness was partially offset by firmer pricing in the Middle East, where production constraints tightened supply.
While African markets showed mixed trends, West African prices weakened alongside lower crude and fuel oil values, though the dry season in countries such as Nigeria began to lift demand expectations. East African import prices rose on firmer Middle Eastern values and higher freight rates, while South African prices eased due to ample arrivals and reduced construction activity from rainfall.
Asian demand remained subdued throughout the week. In Southeast Asia, limited buying activity pressured export values, pushing Singapore FOB prices down by just over $4/mt to the upper-$380/mt range. South Korean export prices also declined sharply, falling by more than $11/mt amid weak regional demand.
China continued to see downward price adjustments as seasonal factors took hold. With most road construction projects completed ahead of winter, consumption slowed markedly. Domestic prices eased across key producing regions, including Shandong, eastern provinces, and southern China. Lower crude values reinforced the trend, and the resulting price levels discouraged interest in imported material.
In South Asia, market conditions improved modestly. India saw stronger bitumen usage in its southern and western states following the end of the monsoon season. Bulk import demand increased as infrastructure activity resumed, although drummed material continued to face limited interest due to elevated stock levels.
Middle Eastern markets moved against the global trend. Bitumen availability tightened as deliveries of vacuum bottom feedstock to producers slowed. Rising feedstock costs, combined with stronger regional demand, pushed bulk prices higher by around $6/mt, lifting them into the low-to-mid $270/mt range.
Elsewhere in the region, Iraq’s market remained quiet. Suppliers reduced offers to stimulate buying, leading to softer pricing, while some producers redirected volumes toward domestic sales. Meanwhile, Bahrain’s listed seaborne bitumen prices remained unchanged at elevated levels.
