Statics Mismatch: China’s Diluted Bitumen Imports from Malaysia Overrides Production Volume

The Bitumen market, affected by crude oil prices, geopolitical issues, and substantial demand worldwide, has gone through a swing flow in November while the market waits for a more stable rhythm in December.
Bitumen prices experienced various changes in many countries influenced by crude oil market volatility and local supply-demand dynamics. While Bulk Bitumen 60/70 prices dropped from 480-485$/mt to 455-460$/mt by mid-month, reflecting the crude oil prices trend, Iran prices rose from 365-370$/mt to 415-420$/mt, affected by local raw-material price hike and supply restrictions.
Supported by stable fuel oil values and restricted northern European supplies, In European countries, prices remained fixed between 440-490$/mt. Also, in North America and Africa, constant demand especially in regions with wide construction projects, kept the bitumen price unchanged. Meanwhile, imports from some countries remained sluggish affected by freight rates surge in some routes to some African destinations.
Additionally, crude oil prices saw changes in the range of 70-85$ per barrel during November. Whereas early in the month, prices rose due to positive manufacturing data from China, the flow changed by mid-November and prices softened as tensions in the Middle East began to ease, although uncertainty remained.