Bitumen / Asphalt
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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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Socar Romania to begin Galati bitumen tank flows by May
Socar Romania to begin Galati bitumen tank flows by May
London, 6 March (Argus) — Azerbaijan state-owned Socar's Romanian trading and supply unit is planning to begin using 3,000t of refurbished bitumen tank capacity at Unicom's Galati terminal from late April or early May. The firm is aiming to bring its first bitumen cargo into the facility, on the Danube river inland from the Romanian Black Sea coast, in May. International trading firm Vitol has been utilising separate Unicom bitumen tanks since 2020 , progressively raising its bitumen capacity there to around 8,000t. The Socar move will intensify supply competition into the key Romanian market which is thought to have grown to approach or potentially surpass the 700,000t demand mark in 2024 — a year of local, general and EU elections that all helped boost road project spending — from around 620,000t. All but about 10-15pc of Romanian imports arrive by truck and rail from Balkan, Hungarian, Polish and Austrian refineries, as well as cargo shipments mainly from Greece and Turkey. Romanian domestic output is restricted to Rompetrol's Vega refinery in Ploiesti where it typically ranges from 60,000-100,000t/yr. Socar will move 5,000t cargoes into Galati, the typical size of bitumen tanker cargoes into Romanian terminals, with some of the volumes to be placed directly into its 3,000t tank capacity and the rest to be shipped by rail or truck to Romanian and other regional storage and end-user outlets. Local market participants understood that the Socar tanks are have been refurbished from previously carrying other oil products. Romanian firm Bitholder is by far the biggest bitumen terminal operator in the country, with storage facilities at Mangalia and Constanta that are regular recipients of import cargoes during the peak paving season starting from March or April through to November. Market participants reckon that a central European refiner is planning to use separate Unicom tanks at Galati, which is well placed for serving both the domestic market and export markets in Moldova and Ukraine. Suppliers are increasingly eyeing the latter given speculation over a possible Russia-Ukraine peace deal. Turkish bitumen trading and supply firm Guven Asfalt has made increasing forays into the Romanian - as well as neighbouring Bulgarian market — since last year. It currently operates bitumen storage tanks at Mdgigia, close to Constanta, and at Floresti much further inland. The firm delivered a cargo in ship-to-truck operations at Midia oil port in Constanta in early February on board its 6,000dwt bitumen tanker Kiymet Ana . By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Vietnam's bitumen imports from Middle East rise in 2024
Vietnam's bitumen imports from Middle East rise in 2024
Mumbai, 5 March (Argus) — Vietnam's bitumen imports from the Middle East surged in 2024 because of competitive offers against Asian cargoes. Overall imports rose on the year, supported by increased demand from unfinished projects. Vietnam, a net importer of the road paving material, imported 1.14mn t of bitumen in 2024, up by 10pc from 1.04mn t in 2023, GTT data show. Imports from the Middle East totalled 382,000t, up by 49pc on the year, the data show. The rise in imports can be directly attributed to the increase in the number of ongoing projects in the second half of 2024, especially highways, some market participants said. "[But] price factor at the moment is what is determining the trade flows and where the imports are coming from," a Vietnamese importer said. Argus- assessed fob Iran bulk bitumen cargoes traded at a discount of $131/t on an average to fob Singapore ABX 1 in 2024. The discounts widened to as high as around $160-180/t in August-October, when tight supply caused by production cuts kept Singapore seaborne prices elevated. The freight cost between the Middle East and Vietnam was estimated at around $120/t, according to some market participants. But prolonged inclement weather in Vietnam weighed on consumption until the last quarter of 2024, which prevented the domestic selling prices from increasing. This pushed Vietnamese importers to seek relatively cheaper Middle East origin cargoes in 2024. Importers did not have any reason to seek cargoes from other sources unless they needed certain specifications, an importer said, indicating that importers sought Asia-origin cargoes only for projects with specific requirements. Imports from Singapore totalled 383,000t in 2024, up by 13pc from 2023, GTT data show. But imports from China and South Korea fell on the year by 44pc and 60pc respectively. Seaborne prices and freight costs from China and South Korea to Vietnam were also relatively higher, further weighing on imports from those origins, some importers said. Meanwhile, market participants expect consumption to be stable to high in 2025 compared with 2024 because of pent-up demand. Imports are anticipated to be in the 1mn-1.3mn t range. Disbursement of project funds have also relatively improved, which will encourage contractors to accelerate road works, a Singapore-based trader said. The inter-regional price arbitrage between Singapore and the Middle East was not open as Middle East-origin bulk cargoes were trading at a discount of only about $100/t to ABX 1. But the price gap is expected to widen in the coming months and more shipments from the Middle East will enter the region, importers said. By Sathya Narayanan and Chloe Choo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
St Louis harbor water levels to improve
St Louis harbor water levels to improve
Houston, 4 March (Argus) — Water levels at the St Louis, Missouri, harbor are forecast to rise above 0ft this week, the National Weather Service (NWS) said, allowing for easier barge transit at the harbor after weeks of low water concerns. St Louis is forecast to receive multiple rounds of showers and thunderstorms today, including some hail, with around 1 inch of precipitation expected to pour over the greater St Louis area, according to the NWS. As water from the tributaries reaches the harbor into this weekend, levels as high as 10.7ft are expected by 11 March. This rain is long awaited as the St Louis harbor has been grappling with low water conditions since early January. These conditions were exacerbated by minimal rainfall in February, causing water levels to fall below -3ft at the terminal. Some barge carriers will finally be able to resume loading at their docks after calling off all barge movement due to the low water. Draft restrictions are anticipated to slowly loosen in the coming days as water levels rise, and more weight can be placed on barges. Current draft restrictions are between 9.6-10ft at St Louis. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Q&A: GOMG expects Venezuela asphalt exports to rise
Q&A: GOMG expects Venezuela asphalt exports to rise
Houston, 28 February (Argus) — US sanctions targeting Venezuela and the planned restart of the 335k b/d Isla refinery in Curacao will be of keen interest to asphalt markets this year. Harry Sargeant IV , president of refining and asphalt trading company Global Oil Management Group (GOMG), spoke with Argus about the effects these developments will have on the asphalt markets. This interview has been edited for length and clarity. US president Donald Trump on 26 February said he would revoke Chevron's oil waiver . How do you see relations between the US and Venezuela? That declaration was a huge shock to me. But I wouldn't put it past Trump to use this as a political tactic for negotiating with (Venezuelan president Nicolas) Maduro. He could want more concessions out of Venezuela. (Before this announcement), we were seeing an American-centric narrative coming forward. (US special envoy Richard) Grinnell said Trump was not interested in regime change. Venezuela is a mineral-rich country. Why sanction them? Bring them back into the American hemisphere and kick out the Russian, Iranian and Chinese influences there. Do you think the US will ultimately renew Chevron's license? I think it'll come down to Trump negotiating the best deal he can get. My hope is this is being used as political leverage. I don't think we should let it get to the point where US businesses can't have an interest down there. There are not a lot of bottoms in the US. So, if you need asphalt and you need bottoms, you need to find heavy crude somewhere, and Venezuela is the premiere producer of that kind of crude. Bring back Venezuela and put those crudes back into the US Gulf coast refining complex. Do you anticipate any changes to your sanctions waiver following this news? Our license is still valid, and we continue to operate. We hope it remains the same or even opens up more. Closing this off isn't the best thing for the American consumer and American taxpayer. (Increased Venezuelan asphalt supply) is a net benefit for the US — it keeps prices down on the east coast and allows the infrastructure budget to go farther. It benefits US terminal operators and hot mix plants. To go and squash it (with sanctions) is counterproductive in my opinion. I think one of first things you'll see happen — assuming the thawing of the US-Venezuela relationship continues — is current license holders will see some amendments come out. Maybe more licenses as well. I think some asphalt traders could get licenses if they go through a US entity. We've seen rising asphalt exports from Venezuela — 15mn short tons since 2023, with the majority of this destined for the US, according to Kpler data. What is behind this and do you expect exports to continue to rise? This has nothing to do with production capacity — the refinery is only running at 40pc or something like that. The infrastructure is getting fixed. (PdV) has two tanks, and another tank will probably be ready in April. By June or July, they will hit 850,000 bl/month of export capacity. Maybe all five tanks will be up by the end of the year or late third quarter. They're also fixing up the export dock. Amuay has four piers with two loading positions each, and they are establishing a dedicated asphalt loading berth. Does the revocation of Chevron's license affect your restart plans for the Curacao asphalt plant? Our license for Curacao allows us to purchase Venezuelan crudes. If they're going to strip away licenses, that will weigh in our decision-making process. Not going to say that it will kill the plan, but we'd have to find other crudes and it could delay the start. The main holdup right now is RdK confirming they have the environmental permits in place to run the facility. Once that happens, we expect another three months of repairs. So by June or July, we'll be operational and producing 1.2mn st/year. Colombia is exporting more, Venezuelan supply is resurgent, and more companies are building ships to control their own supply. How do you see these factors changing trade flows? You get Curacao and Venezuela pumping asphalt again, it's a whole new ballgame. Or well, the old ballgame when they were actually operational. It will be interesting with these bigger ships. Back in the day, most ships were small. Now most are larger ships. There will definitely be a restructuring of the trade patterns. The Mediterranean arbitrage will stay closed ... and you'll see more movements west to east. Do you think Global Oil will get into asphalt shipping? The Sargeants ultimately in some form or fashion created the asphalt trading industry. If you look at all the traders, you can see (former employees) in all of them. No comment on if we get back into shipping, but we will have a lot of supply. By Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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