Asia Bitumen Prices and Supply Outlook for Autumn 2026

Alternatives to Iranian bitumen became more expensive between 14 August and 11 September 2026. South Korea’s price advantage over Singapore narrowed to about $13/t, while Iranian bulk export prices fell. For buyers planning autumn deliveries, the key question is whether a lower FOB price translates into a reliable, competitive delivered offer.

This analysis compares bitumen prices in Singapore, South Korea, southern China and Iran, then examines what tighter supply and India’s post-monsoon demand could mean for buyers. Iran retains a price advantage at origin, but freight costs, vessel availability and delivery timing determine whether it can be used.

This shift builds on the supply-chain changes discussed in Infinity Galaxy’s August market report, as buyers adjusted to prolonged disruption rather than waiting for normal trade to resume.

Singapore and South Korea Bitumen Prices Converge

South Korean bitumen rose by almost 16% over four weeks, compared with about 5% for Singapore. The table shows how quickly the gap narrowed as regional buyers competed for limited supply.

Origin - bulk bitumen, FOB	14 August	11 September	Change in midpoint
Singapore	634–645	666–678	+33
South Korea	560–579	652–667	+90
Southern China	620–630	665–670	+43
Iran	305–318	297–306	−10

The gap between the Singapore and South Korea assessment midpoints fell from roughly $70/t to $13/t. South Korea remains an important supply origin, but buyers can no longer assume the discount available a month earlier. These are FOB comparisons, not equivalent delivered offers.

Infinity Galaxy’s August assessment of September bitumen availability had already identified this narrowing advantage, alongside restrictions on spot supply and the importance of grade compatibility.

Limited access to suitable crude feedstock constrained Singapore’s bitumen output. A planned October turnaround at a major refinery added to concerns over availability.

On 11 September, bids of $720/t FOB, including demurrage, attracted no offers for specific September and October cargoes on the Argus platform. This was a signal of tight availability for those loading windows, not the general market price.

China Bitumen Exports Face Domestic Supply Pressure

By 11 September, southern China’s September export cargoes were sold out, and sellers were moving to October shipments. Low production and restricted availability also pushed domestic prices higher.

Higher domestic prices could make local sales more attractive and reduce export availability. Argus identified this possibility, but it was not yet a confirmed shift. Buyers relying on Chinese supply should therefore check available loading dates before treating an offer as a workable alternative.

Higher prices did not mean stronger consumption. Some Chinese contractors halted roadworks because bitumen costs exceeded project budgets, while purchases focused on immediate needs. Limited supply supported prices even as those prices discouraged buying.

The same tension between rising costs and cautious buying was evident in Infinity Galaxy’s September East Asia bitumen market analysis.

For importers, the implication is straightforward: regional alternatives remain available, but their capacity and pricing cannot be taken for granted.

India Bitumen Demand After the Monsoon

Easing monsoon rainfall brought signs of improving Indian bitumen consumption. A stronger recovery could add pressure to already limited regional supply. However, some contractors still considered prevailing prices uneconomic and held back from larger purchases.

This follows the period of weak monsoon demand and constrained Indian bitumen imports covered in our August report. Improving weather alone cannot resolve the cost and shipping pressures facing importers.

Domestic supply faced constraints too. Argus reported that reduced access to suitable crude limited bitumen output at some state-controlled refineries. Import needs could rise as roadworks resume, but actual orders depend on project budgets and delivered costs.

In the week ending 11 September, some Iranian VG40 transactions were reported at $295–300/t FOB. Assessed bulk freight from Bandar Abbas to Mundra was $235–245/t. Freight alone therefore represented a substantial share of the product’s purchase price, before other costs and delay risks.

Watch actual purchasing alongside the weather. If consumption strengthens while supply remains tight, competition for cargoes could increase. If delivered costs remain beyond project budgets, some demand will be deferred.

Iran Bitumen Exports Depend on Freight and Delivery

Iranian bulk export prices moved lower while major Asian alternatives became more expensive. Argus linked the decline to lower supplier offers and a weaker rial, even as vacuum bottom feedstock costs increased. The fall was therefore not simply a reflection of cheaper production.

Some bulk cargoes were sold to Oman and several vessels sailed towards India. These movements showed that trade continued, but did not establish a dependable export schedule. Vessel shortages, shipowners’ concerns and delays to earlier orders continued to affect buyer decisions.

As discussed in Infinity Galaxy’s report on shipping predictability through the Hormouz Strait, occasional vessel movements do not mean buyers can plan successive deliveries with confidence.

Overland routes offered another outlet. Argus reported firm demand from Pakistan, Afghanistan and CIS countries, including around 2,000 tonnes of jumbo-bag bitumen sold FCA Lotfabad. These routes can support sales, but their destinations and capacity differ from seaborne trade.

For a buyer comparing Iranian supply with Asian alternatives, the practical test is the total cost of an executable shipment: compatible grade, confirmed loading capacity, freight, expected arrival and responsibility for delays.

Our analysis of bitumen shipping risks and executable prices examines how vessel availability, insurance and route uncertainty across the Persian Gulf affect the value of an offer.

This report draws on Argus Bitumen data, with a focus on the 14 August and 11 September 2026 issues, and Infinity Galaxy’s weekly market reports 307–310. The latest price reference is Argus issue 26-37, dated 11 September 2026.

Conclusion

Asia’s autumn bitumen outlook depends on how much demand can absorb higher costs while supply remains constrained. Singapore, South Korea and southern China became more expensive over the period reviewed; Iran became cheaper at origin, but shipping remained the deciding factor.

Before placing an order, buyers should confirm the required grade, destination, quantity and delivery window, then compare offers on the same delivered basis. A lower FOB price is useful only when the shipment fits the project’s schedule and budget.

For subsequent price and supply developments, follow Infinity Galaxy’s weekly bitumen market reports.