Weekly Bitumen Report: A Deep Price Gap Between East Asia and the Middle East Bitumen

The Political and Economic Developments of the Week

Wars Enter a Faster Phase

Over the past week, news about the Russia-Ukraine war grew as political meetings increased. The leaders of the UK, France, Germany, and Ukraine met in London and called for more financial and military pressure on Moscow. At the same time, the Ukraine Support Coalition plans a new meeting to coordinate aid. All these moves indicate that the war has entered a phase where the West aims to provide faster and stronger support.
In Latin America, tension between the U.S. and Venezuela rose after U.S. forces seized an oil tanker near the Venezuelan coast. Caracas reacted sharply. The tone of officials indicates a growing distrust and an open path to further tension.
In East Asia, Taiwan and Japan warned about the rise of Chinese military activity in regional waters. Beijing called these actions “normal and legal.” This, together with the French President’s trip to China to talk with Xi Jinping, shows that the security climate in the Asia-Pacific became more sensitive last week.

Crude and Fuel Oil Markets in East Asia

Brent in Balance Trap

Brent had neither the push to rise nor the room to fall this week; the market was stuck in uncertainty. There was no supply shock, no jump in demand, and geopolitical tensions only acted as a brake. The result was a narrow price range- a market waiting for a stronger signal before it can decide its next move.
Official EIA forecasts also support this view. The agency expects more oversupply and a 2026 Brent average near 55 dollars, which will remain at the same level most of the year.
On Thursday, Singapore 180CST fuel oil reached $337, and Singapore and South Korea bitumen prices reached $370 and $347.
Singapore and Korea dropped again with no resistance. Demand has not reached bottom yet, and every time the market expects a rebound, extra supply pushes prices lower.
The lack of serious buyers and fall in deals shows that even at year-end, no covering-buying wave has formed, and the market is not ready to recover.

Bitumen Market in Bahrain and Europe

Europe Falls, the Mediterranean Holds

Europe dropped faster this week under pressure from weak HSFO and stopped demand, but the Mediterranean held steady and did not let prices collapse.
This split between Europe’s fall and the Mediterranean’s stability shows a market that is breaking into separate paths.
European bitumen was reported at $340-360.
Bahrain bitumen stayed at 400 dollars for months, ignoring technical and fundamental signals.

India Bitumen Market

Quiet Slowdown, Unstable Decisions

India repeated last week’s pattern. The market is in a quiet but deep slowdown. Rain and moisture slow down projects, and the whole buying chain is stuck in wait-and-see mode. Trade volume is below normal, and buyers only watch prices.
Lower Singapore prices have made mid-December imports more attractive, but big buyers have not given clear signals yet.

China Market

Slow Adjustment, Careful Demand

China continued a slight downward move, but not enough to worry the market. The drop came from buyer caution, not real weak demand.
Singapore and Korea also slipped due to high supply and few trades, making the regional tone softer.
China still shows no major deal or strong buying signal. The mood looks more like “waiting for a better price” than “deep slowdown.” The market is calm, with controlled declines, watching for the right time to return.

Market Analysis of Iran

Independent Path, Demand Pressure

Iran separated from East Asia again this week. While Singapore, Korea, and even China moved down, Iran moved up. This is not a one-week event; it is a continuation of last week’s rise. The reason is clear: real low supply, trade-card limits slowing sales, and strong demand from Africa strengthened purchase demand.
These three factors pushed Iran to act independently while the rest of the region waits and adjusts. This gap matters because it shows Iran is now driven by domestic limits and physical shortages, not by Singapore’s trend. As a result, its pricing path gets completely separated from Asia.

Insight by Razieh Gilani from Infinity Galaxy

In a week when most Asian markets slipped under high supply and weak demand, Iran moved differently. This was not a price game but a result of real shortages and limits that make access harder. For buyers, this gap sends a clear message: the global market may be waiting, but Iran is moving on a path shaped by real supply limits and export capacity. This difference means buying strategies in Iran must be more careful. Timing, speed, and knowledge of supply can create advantages or cause loss. This week showed that, unlike Asia, Iran’s market still follows real conditions. Buyers who understand this can choose their path better in the coming fluctuations.

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