Bitumen / Asphalt
Overview
Global bitumen and asphalt spot prices are influenced by changing supply and demand fundamentals, VGO and crude prices. Argus is the only provider of global bitumen and asphalt spot prices assessed by a global team of reporters, based on market trade. Spot price coverage includes regional truck, rail and seaborne prices.
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Iran war drives up African bitumen truck prices
Iran war drives up African bitumen truck prices
London, 15 April (Argus) — Bitumen truck supply prices are rising sharply in key sub-Saharan Africa markets as increased in cargo and container shipped values feed through. The biggest effects have been in east and central African markets like Kenya and Democratic Republic of Congo (DRC), where the construction sectors rely on Mideast Gulf supply, mainly from Iran, of bitumen in drums, bags and bitutainers for the bulk of their road paving requirements. Prices in Nigeria and into landlocked west African markets, and in southern Africa, have also been rising steadily, or in some cases sharply, with more gains likely in the next few weeks. But sub-Saharan African suppliers say there has been little evidence so far of demand destruction, as construction companies broadly maintain their buying patterns to get project work done. A supplier of bulk and drummed bitumen into east and central Africa said ex-Mombasa, Kenya, truck prices had jumped to 150-170 Kenyan shillings/kg ($1,159-1,313/t), around 40pc up from KSh95-100/kg just prior to the 28 February start of Mideast hostilities. Ex-works Nairobi values are now KSh165-175/kg, while massive gains in diesel import prices are adding to the rising cost of delivering trucked bitumen into inland east and central African locations. The price gains have followed a rise in fob Iran bulk and drummed export values, and massive container shipping freight rate increases since war risk surcharges were imposed by leading international container shipping lines early in March. Argus assessed drummed bitumen freight rates from Bandar Abbas/Jebel Ali to Mombasa, Dar es Salaam in Tanzania, and Djibouti at $230/t last week, compared with $90-100/t, $95-110/t and $110-120/t respectively in the last week of February. Nigerian, South African receivers hit In Nigeria, which is supplied with bulk tanker cargoes usually loaded at Abidjan, Ivory Coast, and in the Mediterranean region, truck price increases have been more modest. Some suppliers are still working through stocks at Nigerian terminals of imported cargoes loaded before the US-Israel-Iran war began. Most Nigerian prices have reached 1.35mn naira/t ($998/t) ex-works, with some indications now inching up to N1.35mn-1.4mn/t. Some local sales were being made until last week at N1.25mn/t. Domestic truck prices in February were around N1.2mn/t ex-works. Market participants expect values to rise substantially in the next few weeks, once suppliers switch to selling imported bitumen loaded after the war began. Other west African buyers have already been hit by much bigger increases. A constructor in a landlocked west African market reported a 40pc rise in April supply price versus March for bitutainer flows from Lome, Togo. Those reached $755-760/t ex-Lome terminal for pen 35/50 bitumen, plus a $150/t truck transport cost, to yield a $900-910/t delivered price range. Domestic truck prices in South Africa, with the same values applied for onward truck exports to its southern African neighbours, were assessed 1,000 rand/t higher last week at R12,500-13,000/t ($749-779/t) ex-works, compared with R10,200-10,700/t ($639-670/t) in the last week of February. Some supply prices have gone up far more dramatically this month, to around R14,500/t ($885/t) ex-works, a South African supplier said today. The sharp gains are partly linked to a halt of competitively priced bitumen tanker cargoes loaded at Mideast Gulf ports, leaving South Africa almost exclusively now dependent on Mediterranean region — mainly Turkish and Greek — cargoes that head around west Africa to deliver to Durban and Cape Town. Argus assessed Greek fob cargo prices at $605-610/t last week, up from $386/t in the week ending 27 February. With indicative freight rates added, these cargoes would land in May at around $810/t CFR Durban before port handling, trans-shipment and terminal storage costs are added. The effect on the South African road construction sector is likely to be mitigated by the upcoming southern hemisphere winter activity slowdown from May to August, which typically cuts bitumen requirements by around a half. By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Singapore’s bitumen prices hit historic highs
Singapore’s bitumen prices hit historic highs
Singapore, 8 April (Argus) — Singapore's bitumen export prices have reached record highs after widespread output cuts sharply reduced regional supply. At least two major refiners in Singapore have declared force majeure on bitumen exports because of feedstock supply disruptions, notifying several contract buyers of reduced volumes. A third refiner is understood to have very limited spot availability for April-loading cargoes. Offers for May-loading cargoes were also scarce, with feedstock shortages likely to persist because transits through the strait of Hormuz remain well below pre-conflict levels. Singapore's daily ABX1 price surged to $700/t fob Singapore on 7 April, up by more than 88pc from pre-conflict levels. But discounts to 3.5pc 380cst high-sulphur fuel oil (HSFO) fob Singapore prices narrowed sharply. The spread between the two products has narrowed to $17.25/t on 7 April, Argus data show. This shift may incentivise some Singapore-based refiners to raise bitumen output, but exports from Singapore are likely to stay limited in the near term. Some market participants are sceptical that more attractive production margins relative to fuel oil alone would prompt refiners to increase bitumen output, given persistent shortages across the barrel. Refiners are still likely to prioritise production of gasoline, gasoil and bunkers where possible. Some export cargoes from China have filled supply gaps in southeast Asia, with buyers in Vietnam and Thailand securing April-loading cargoes from refiners in south China. Some south China-origin cargoes were discussed and sold at around $670-680/t fob for April loadings, market sources said. Buy-side resistance strengthens While supply remains tight, buy-side resistance has grown on the back of rising raw material costs. Some contractors in Vietnam and Indonesia may delay or halt roadwork projects because of funding constraints. Many government budgets were set before the conflict, when bitumen prices were significantly lower, and it remains unclear if governments will provide additional funding in the wake of current higher prices. Many Vietnamese and Indonesian importers are also reluctant to commit to high-priced seaborne cargoes from Singapore, because current domestic trucked prices are lower. Bids and buying indications for April-loading cargoes from southeast Asian importers were largely capped at $660/t fob Singapore, on a netback basis. Australian buyers may be better placed to secure Singapore export supplies as some contractors rush to finish projects before the winter lull, but many remain cautious. Most want to avoid building stocks at current high prices, wary that spot prices could correct sharply and leave them holding expensive inventories. In the near term, government funding is expected to be mainly focused on more pressing issues, including providing subsidies for escalating transportation fuel costs, with infrastructure and roadwork projects given lower priority. Funding constraints from higher raw material costs are not the only factor limiting demand. The cost of gasoil, needed to operate trucks, heat tanks and run some machinery, has also surged since the start of the war, further adding to operating costs for contractors. By Leanne Tan Argus fob Singapore bitumen prices ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina economy has sluggish start to 2026
Argentina economy has sluggish start to 2026
Montevideo, 26 March (Argus) — Argentina's economic activity expanded by an annual 1.9pc in January, according to the statistics agency, Indec. Growth slowed from the 3.3pc expansion reported in December following a 0.2pc contraction in November. Economic activity grew by an annual 1.3pc in January 2025. Growth in January 2026 was fueled by an annual 50.8pc increase in fisheries, a 25.1pc expansion in agriculture and 9.6pc growth in mining. Dragging down growth were manufacturing, off by 2.6pc, with retail falling by 3.2pc and utilities off by an annual 3pc. The government forecasts 5pc growth for 2026. The government is grappling with hyperinflation, which remains higher than forecast, and rising unemployment, which has increased. Export earnings were unexpectedly down in February, according to Indec Argentina's consumer price index (CPI) increased to an annual rate of 33.1pc in February, up from 32.4pc in January, Indec reported earlier this month. Still, it has slowed from 66.9pc in February 2025. Unemployment rose to 7.5pc at the end of fourth quarter of 2025, up from 6.6pc in the third quarter and compared with 6.4pc in the fourth quarter of 2024, according to Indec. The country's trade surplus narrowed to US$788mn in February, a nine-month low, from $2.2bn in January, according to Indec. -By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US asphalt market pauses to digest crude spike
US asphalt market pauses to digest crude spike
Houston, 6 March (Argus) — Surging crude prices from the US-Israel war against Iran froze the US asphalt market this week, as buyers shifted to the sidelines while some refiners considered pursuing alternatives or limiting production in the coming weeks. The war entered its sixth day on 5 March, and front-month Brent crude surged past $80/bl for the first time since January 2025. Brent crude has risen by nearly 18pc since late February. Asphalt prices, meanwhile, have remained stubbornly low as seasonal demand has yet to kick off and most buyers' tanks remain full. As of 5 March, fob US Gulf asphalt was valued around 64pc of the cost of Brent crude while fob New Jersey was at 67pc. Over the past five years, Gulf asphalt prices have averaged about 90pc the cost of Brent crude in the first week of March. Refiners in some regions have started to reduce asphalt production until prices rise to match crude input costs, as well as record-high increases in freight rates and bunkers . In the US midcontinent, some suppliers have chosen to not make any mid-month rail adjustments but have noted additional volumes would not be available at levels previously negotiated for March. Alternative options to asphalt are also significantly more appealing for refiners. Coker yields have climbed, and the Argus -calculated coker yield was a $98/st premium to asphalt late last week. Blending asphalt into fuel oil is also more attractive to refiners. When Brent crude surpassed $80/bl on 3 March, Gulf asphalt's value as a fuel oil blendstock surged into the $300s/bl. Asphalt retail markets are also not immune, with several retailers heard sending out letters or calling customers to warn of volatility and possible steep price increases in the coming weeks. Low US asphalt prices relative to other regions also spurred a flurry of interest from traders trying to work possible arbitrages early in the week. US Gulf asphalt was valued $43/st below Mediterranean supply last Friday, and Mediterranean prices are expected to rise sharply following a steep jump in high-sulphur fuel oil values . An arbitrage to Asia from the Americas could also open in April as major suppliers in south China reduce exports because of expected disruptions to feedstock supplies. Singapore's asphalt export prices have also surged , and market participants in the region are bracing for output cuts in April. Traders have noted difficulty finding asphalt in this hemisphere, however, as US-based refiners have little appetite to produce additional barrels and target prices closer to the $400s/st fob. By Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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