East Asia Bitumen Market Overview: Improving Balance at the Start of 2026

At the start of 2026, the East Asian bitumen market is showing early signs of behavioral rebalancing after a prolonged period of one-sided pressure and subdued activity.
While large-scale project demand has not yet fully materialized, clearer buying signals, improving liquidity in selected markets, and relative stability across Southeast Asia indicate that the region is adjusting rather than weakening.
According to Taraneh, Since early 2026, the East Asian bitumen market has gradually moved out of a one-sided pressure and recession phase and entered a stage of behavioral balance. Supply and demand are both present, but with a more rational rhythm.
Although large project-driven demand has not yet been activated, clearer buying signals, increased required tonnages in China, and the stability of markets such as Indonesia suggest the market is recalibrating, not declining.

Singapore Bitumen Market

The Singapore market has recently moved away from one-sided pressure, with both supply and demand present, albeit without strong directional momentum. While major demand has yet to emerge, market sentiment has improved compared with early January, and trading activity has become more balanced.
Seaborne prices edged slightly lower during the week amid thin demand and limited spot availability. Most February-loading business had already been concluded, resulting in reduced spot liquidity, while discussions for March cargoes have yet to begin.
Several refiners were sold out, although a small number of suppliers continued to seek demand outlets for unsold February volumes.
Limited vessel availability for early February loadings also constrained buying interest. Toward the end of the week, firmer fuel oil prices provided support to bitumen values, prompting some buyers to enquire about additional cargoes in anticipation of further price increases.
Overall, the Singapore market has exited its stagnant phase, even though large-scale demand remains on hold.

South Korea Bitumen Market

South Korea continues to move broadly in line with Singapore, but with a more orderly rhythm and improved price stability. Market structure has become clearer following the conclusion of an export tender by an Onsan-based refiner for three late-February loading cargoes.
The tender, aimed at post Lunar New Year Chinese demand, was awarded at discounts of around $10–15/t to prevailing 380cst HSFO prices, equivalent to approximately $355–365/t fob South Korea. Buying indications from east China remained capped near the lower end of this range.
The tender outcome reinforced price visibility in the market and contributed to a more stable and predictable trading environment, even as overall demand growth remains gradual.

China Bitumen Market

Compared with early January, demand signals in China have become slightly clearer, although the market remains highly price-sensitive. Required tonnages have increased marginally, particularly for short-term and restocking needs, but overall demand is still constrained by seasonal factors.
Winter weather conditions, including sharp temperature drops and widespread rain and snow, have continued to hamper road paving across central, eastern, and southern China.
With the Lunar New Year holiday approaching in mid-February, most buyers are limiting purchases to immediate requirements rather than building inventories.
Domestic prices in Shandong rose to Yn3,030–3,240/t ex-works, supported by low supply as some refiners shifted output toward fuel oil and by firmer upstream crude prices.
In east China, prices were mixed, while demand remained weak due to the completion of most road projects. Despite the current lull, several market participants expect a stronger rebound in spring following the holiday period.

Indonesia Bitumen Market

Indonesia remains the most stable market in the region, continuing to move along a controlled and predictable path.
Increased vessel discharges during the week eased earlier supply tightness, allowing contractors particularly in Java to resume road-paving activities, albeit at a slower pace due to seasonal rainfall.
Demand in other parts of the country, especially eastern Indonesia, remained subdued as most roadworks have already been completed.
Trading activity softened as buyers largely secured sufficient volumes for February, with discussions for cargoes mostly centered around $360–365/t fob Singapore.
Market participants expect roadworks in Java to remain steady through February, supported by rolled-over funds from 2025.
New projects under the 2026 budget could begin as early as the second quarter, depending on the timing of government tenders and awards after the Eid holidays.

Vietnam Bitumen Market

The Vietnamese market has become more active and alert compared with early January.
While activity levels remain moderate, improved market awareness and clearer pricing references have contributed to more engaged buyer behavior.
This shift aligns with the broader regional trend of gradual normalization rather than rapid recovery.

Conclusion

As the Lunar New Year holiday approaches, decision-making activity across East Asia is expected to slow during the first half of February.
However, this pause may set the stage for a more active post-holiday market, particularly if demand momentum in China and Southeast Asia is maintained.
As Taraneh notes, “This temporary slowdown could provide the foundation for a more active phase after the holidays, especially if demand flows in China and Southeast Asia remain intact.”