South Korea Bitumen Price
| South Korea Bitumen Price | |
|---|---|
| Bitumen 60/80 FOB Korea (Bulk) | 418 ± 3$ |
March 24, 2025 | |
South Korea Bitumen
South Korea is one of the top five world bitumen exporters.
There are four key oil refineries in South Korea which are listed below. Bitumen is one of their products.
- SK Energy
- S-Oil
- GS-Caltex
- Hyundai Oilbank
Altogether, the maximum production capacity of the mentioned refineries is annually 7 million tons.
South Korea bitumen exports increased in years between 2013 to 2017.
Bitumen production and exportation peaked in 2017. At that time, South Korea produced about 6.8 million tons and exported 5.9 million tons of bitumen.
The amount of bitumen production and exportation has been declining since 2018.
In 2021, bitumen production in South Korea was approximately 1.5 million tons. Almost half a million tons of that were exported.
The destination of 80% of South Korea’s bitumen exports are China. Japan, Australia, Vietnam and Thailand are the next bitumen markets for South Korean bitumen.
South Korea needs to import crude oil to produce bitumen. The country imports 2.66 million barrels of crude oil daily, which makes it the fifth largest importer.
The Middle East, America, Brazil and Norway are the crude oil suppliers of South Korea.
Bitumen Price in South Korea vs. Iran
The price of South Korea bitumen is higher than the price of Iran bitumen. Unlike South Korea, Iran produces bitumen without importing crude oil. This results in Iran bitumen having a reasonable price with high quality that meets international standards.
Below is a comparison of the FOB price of penetration bitumen 60/70 in Iran and East Asia countries such as South Korea for 2021.
Iran Bitumen Price Vs. South East Asia Countries
Infinity Galaxy Bitumen Price
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