Bitumen / Asphalt
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Funding cuts could delay US river lock work: Correction
Funding cuts could delay US river lock work: Correction
Corrects lock locations in paragraph 5. Houston, 14 April (Argus) — The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year. Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending. No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget. River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennessee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed. There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock on the Illinois River; Lock 25 on the Mississippi River; and the Montgomery Lock on the Ohio River. There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map) . By Meghan Yoyotte Corps active construction projects 2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
South Korean bitumen exports may head to southeast Asia
South Korean bitumen exports may head to southeast Asia
Singapore, 11 April (Argus) — South Korea bitumen exports could start entering southeast Asia in the coming months, following the recent opening of the arbitrage window between the two regions. Export prices from South Korea have declined sharply over the past week, weighed down by early-week declines in upstream crude and high-sulphur fuel oil values. A Yeosu-based refiner concluded an export tender to sell up to four May- and June-loading cargoes on 10 April, which was settled in the range of $375-385/t fob South Korea, according to market participants. Declines in fob Singapore bitumen export pricing have been slower in comparison, as continued production output cuts contributed to curtailed spot supplies. Most refiners in Singapore have fully committed April- and May-loading volumes, although several traders were still holding on to unsold volumes. In contrast, a steady supply of April- and May-loading cargoes has been made available from South Korean suppliers over the past month. One refiner previously released three export tenders in March alone, far more than the typical one per month. Arbitrage economics to export bitumen from South Korea to southeast Asia has grown more favourable, as fob Singapore premiums over that of fob South Korea values widened. Spreads between fob Singapore and South Korea widened to $42.50/t on 10 April, up from $22.50/t a week earlier. This is the widest since November 2024, when fob Singapore prices also traded at premiums of $42.50/t to that of South Korean exports. Traders who won some shipments from the recent South Korean export tender may direct some of these volumes to southeast Asia, rather than sell them to the traditional export destination market of east China. Domestic prices in east China have come under renewed pressure in the week to 11 April, undermined by consecutive day-on-day losses in the bitumen futures market. This, coupled with a weaker yuan against the US dollar, has put a dent on Chinese appetite for South Korean exports. These South Korean exports could eventually be shipped to Vietnam, where demand has been relatively more robust compared with other Asian countries, market participants said. Pricing competition in north Vietnam has intensified in 2025 on increased export supplies from south China. And with South Korean exports likely to join the fray, this could temporarily edge out Vietnam's imports of Singapore-origin bitumen. By Leanne Tan Singapore vs South Korea bitumen price spreads ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Flooding on US rivers mires barge transit
Flooding on US rivers mires barge transit
Houston, 7 April (Argus) — Barge transit slowed across the Arkansas, Ohio and lower Mississippi rivers over the weekend because of flooding, which prompted the US Army Corps of Engineers (Corps) to close locks and issue transit restrictions along the waterways. The Corps advised all small craft to limit or halt transit on the McClellan-Kerr Arkansas River Navigation System (MCKARNS) in Arkansas because flows reached above 200,000 cubic feet per second (cfs), nearly three times the high-water flow. The heavy flow is expected to persist throughout the week, posing risks to those transiting the river system, said the Corps. Some barges have halted movement on the river, temporarily miring fertilizer resupply efforts in Arkansas and Oklahoma in the middle of the urea application season. The Corps forecasts high flows to continue into Friday, and the National Weather Service predicts several locations along the MCKARNS will maintain a moderate to minor flood stage into Friday as well. Both the Arthur V Ormond Lock and the Toad Suck Ferry Lock, upriver from Little Rock, Arkansas, shut on 6 April because of the high flows. Flows along the Little Rock Corps district reached 271,600cfs on 7 April. The Corps forecasts high flows to continue into Friday. Ohio and lower Mississippi rivers The Corps restricted barge transit between Cincinnati, Ohio, and Cairo, Illinois, on the Ohio River to mitigate barge transportation risks, with the Corps closing two locks on the Ohio River on 6 April and potentially four more in the coming days. Major barge carrier American Commercial Barge Line (ACBL) anticipates dock and fleeting operations will be suspended at certain locations along the Mississippi and Ohio rivers as a result of the flooding. NWS forecasters anticipate major flooding levels to persist through the following week. Barge carriers also expect a backlog of up to two weeks in the region. To alleviate flooding at Cairo, Illinois, where the Ohio and Mississippi Rivers meet, the Corps increased water releases at the Barkley Dam on the Cumberland River and the Kentucky Dam on the Tennessee River. The Markland Lock, downriver from Cincinnati, Ohio, and the Newburgh lock near Owensboro, Kentucky, closed on 6 April. The Corps expects the full closure to remain until each location reaches its crest of nearly 57ft, which could occur on 8 or 9 April, according to the National Weather Service (NWS). Around 50 vessels or more are waiting to transit each lock, according to the Lock Status Report published by the Corps on 7 April. The Corps also shut a chamber at both Cannelton and McAlpine locks. The John T Myers and Smithland locks may close on 7 April as well, the Corps said. The Olmsted Lock, the final lock before the Ohio and Mississippi rivers, will require a 3mph limit for any traffic passing through. The NWS expects roughly 10-15 inches of precipitation fell along the Ohio and Mississippi River valleys earlier this month, inducing severe flooding across the Ohio and Mississippi River valleys. A preliminary estimate from AccuWeather stated an estimated loss of $80-90bn in damages from the extreme flooding. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
South Africa Natref to end bitumen production from Sep
South Africa Natref to end bitumen production from Sep
London, 4 April (Argus) — Bitumen production at Natref's 107,000 b/d Sasolburg refinery in South Africa will cease from September, ending all the country's output of the heavy oil product. Several South African bitumen market participants, including buyers from the refinery and suppliers of imported bitumen into the domestic and regional southern African markets, said officials from majority Natref shareholder Sasol had been informing customers of the planned move over the past week. Customers were told that final bitumen supply from stocks held at the refinery would be supplied to them into October, with all supplies ending thereafter. Market participants said the Natref plan is linked to a wider move of switching to sweeter crudes aimed at maximising output of light and middle distillates, which would also hit output of heavy products other than bitumen, notably high-sulphur fuel oil (HSFO). Officials at Sasol, which owns 63.3pc of Natref alongside UK energy firm Prax with 36.4pc, have so far not responded to Argus' requests for comment. South African market participant said the move had been under consideration for some time, even before Prax agreed to buy TotalEnergies' Natref stake in December 2023. South Africa turned from a major net exporter of bitumen, mainly to its southern African neighbours, to becoming increasingly dependent on imports after several of the country's refineries were either shut down or ended their bitumen production since 2020. South African cargo imports in bitumen tankers surged to nearly 200,000t in 2024, according to Vortexa data, mostly into Durban and some into Cape Town. Mediterranean supplies, mainly from Greece and Turkey, made up just over half of these, with Rubis and Continental supplying most. Mideast Gulf storage points, along with Bahraini state-owned Bapco's refinery and export terminal at Sitra, supplied around a third, while emerging exporter Pakistan shipped 8pc. According to a South African bitumen supplier, the Natref refinery's bitumen production fell last year to 45,000-50,000t — from an Argus estimate of 140,000t in 2023 — because of numerous plant halts and interruptions. The market effect of Natref ending its bitumen output will therefore be limited, with another leading South African participant saying truck flows from the inland refinery had become increasingly unreliable. The halt will nevertheless trigger more South African import requirements that are anyway likely to rise sharply in the coming years because of much-enhanced government infrastructure budgets. The Natref refinery was forced to stop all production for about two months following a fire in early January this year. French construction and bitumen supply firm Colas recently became the latest company to take a South African import asset position, agreeing a long-term deal with local firm FFS Refiners to operate four of five new bitumen tanks at an existing Durban facility once an FFS expansion there is completed, likely in the second half of this year. By Keyvan Hedvat and Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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