Bitumen / Asphalt
Overview
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.
Latest bitumen / asphalt news
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UK bitumen consumption falls 20pc on year
UK bitumen consumption falls 20pc on year
London, 16 January (Argus) — UK bitumen demand dropped by almost 20pc in the third quarter of 2024, and in January-September fell by more than 10pc compared with the previous year, continuing a weak trend since 2021, data from the UK government's department for energy security and net zero (DESNZ) show. The UK consumed 351,000t of bitumen in the third quarter, a drop of 19.5pc from the same period in 2023. Consumption in January-September fell by 10.4pc from the same period of 2023 to 1.18mn t. This follows a downward trend in consumption since 2021 in the UK market. Between 2021 and 2023, UK domestic consumption fell by 16.4pc, while production dropped by 41.5pc. Bitumen production rose in the third quarter though, by 6.7pc on the year to 131,000t. Production for 2024 up until October rose by 27.3pc on the year to 425,000t. The market slowdown is part of an overall downward trend across UK petroleum products. Between 2018 and 2023, total UK petroleum product deliveries for domestic consumption have fallen by 11.6pc, while total UK petroleum product output fell by 13.9pc. The UK has just one remaining bitumen-producing refinery , at Eastham, after the Lindsey refinery in northeast England ceased bitumen production in 2023. UK production has been on a downward trend for longer though, dropping since 2006, with the country becoming more reliant on bitumen imports. UK road and construction firm Tarmac said in December that it would start receiving bitumen cargoes at the 20,000t Dagenham bitumen terminal in southeast England in late January. The terminal is operated by trading firm Trafigura's Puma Energy. Market participants expect highway spending and bitumen demand to stay slow as the UK government faces public finances pressure. By Tim van Gardingen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Damaged Iver bitumen tanker set to return end-Jan
Damaged Iver bitumen tanker set to return end-Jan
London, 9 January (Argus) — A bitumen tanker damaged after a collision with a bulker five months ago is set to finish lengthy repair work by 23 January, and be back with its time charterer TotalEnergies at the firm's Donges refinery and export terminal on the French Atlantic coast on 26 January. The 6,189dwt Iver Blessing — part of Dutch Vroon Group's Iver Ships unit — was under time charter with TotalEnergies and was offshore the French Atlantic port of Nazaire when the accident that caused serious damage to the bitumen tanker happened. The vessel was en route to the company's 219,000 b/d Donges refinery to load its next bitumen export cargo in August 2024. The tanker has since undergone repairs at a shipyard in Flushing, Netherlands, that had been due to last 1-2 months, but there have been repeated delays, including difficulties in obtaining replacement parts. TotalEnergies is a key player in northwest European and Nordic bitumen cargo markets, and the prolonged repair work forced it to seek spot or other short-term tanker charters, mainly with Iver Ships, to maintain its shipping programme. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: Trump tariffs could affect US asphalt supply
Viewpoint: Trump tariffs could affect US asphalt supply
Houston, 9 January (Argus) — US president-elect Donald Trump's threat to impose tariffs on Canadian goods could restrict asphalt supply and lift prices for US buyers this year. Trump announced plans to put a 25pc tariff on all imports from Canada and Mexico after he takes office on 20 January. Asphalt market participants said a potential tariff on Canadian imports could just be a "bargaining chip," and the Canadian Association of Petroleum Producers noted the tariff would push energy costs higher for American consumers. But Trump doubled-down on his threat on 7 January, insisting "we are not treated well" by Canda. If he sticks to his plan , market participants fear asphalt prices could "go through the roof." Kpler data show about 73pc of US Atlantic coast waterborne asphalt imports originated in Canada in 2024. The US east coast is net short asphalt, with just one domestic producer — independent refiner PBF Energy. PBF shut a crude distillation unit in late October because of poor refining economics. East coast waterborne imports of Canadian asphalt reached their highest level in June 2024, according to Kpler data going back to 2017. This helped push cif New York prices down by $95/st from June to early October, an unusual trend for the summer and early autumn. Railed asphalt volumes could also be affected, with monthly US imports of Canadian railed asphalt totaling 5.23 mn bl through the first 10 months of 2024, US Energy Information Administration (EIA) data show. A potential trade war and possible labor disputes could also cut into asphalt volumes. US importers could turn to other supply sources, but some supply uncertainty stretches across the Atlantic with multiple refinery shutdowns in the Mediterranean expected in 2025. This comes, however, alongside weaker asphalt demand . Rising asphalt flows from Venezuela could also help moderate affects from potential US tariffs. But market participants are more cautious of Venezuelan supply and the potential return of sanctions under Trump . The planned restart of an asphalt unit at Curacao's idled 335,000 b/d Isla refinery this year could also slightly temper a potential supply shock. Feedstocks uncertain Trump's tariffs could also alter heavy crude flows and reduce US asphalt production. Canada is the top supplier of crude to the US and accounts for 65pc of all crude runs in the midcontinent. Monthly PADD 2 imports of Canadian crude oil totaled about 863mn bl in January-October 2024, up by 8pc compared with the same period last year, according to EIA. Meanwhile, asphalt production in the region rose by about 7pc over the same period. Potential tariffs could divert Canadian crude from the US to Asia-Pacific via the Trans Mountain Expansion pipeline and boost heavy crude costs for US refiners. Further south, potential tariffs on Mexican imports could also hit asphalt production. Mexico is the second-largest supplier of crude to the US and produces a heavy grade with most volumes landing on the US Gulf coast. By Cobin Eggers Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: Asia bitumen supply to rise, demand mixed
Viewpoint: Asia bitumen supply to rise, demand mixed
Singapore, 6 January (Argus) — Increased bitumen exports from south China could boost supplies in southeast Asia this year, but increased consumption is only expected in a few key Asian economies in 2025. Pent-up demand from previously incomplete projects in 2024 could bolster near-term buying interest. Projects in key Vietnamese, Indonesian, and Chinese markets were delayed in 2024 because of inclement weather and government funding issues, with some project cancellations in Indonesia. Overall demand in Australia was also lacklustre because of limited funding amid high inflationary pressure. This was exacerbated by higher import costs in the third quarter of 2024 when demand outpaced supply. Strong high-sulphur fuel oil (HSFO) prices and weaker export margins curbed bitumen production in key exporting countries, including Singapore, South Korea and Thailand since the second quarter. This is likely to change in 2025 with production expected to return to more typical levels, sources close to southeast and northeast Asian refiners told Argus . Higher export availability from south China, especially from independent refiner Chambroad's 80,000 b/d refinery in Hainan, could limit import demand for cargoes from other exporting regions, market participants added. The Hainan refinery has plans to export around 400,000-500,000t in 2025. A 270,000 b/d refinery located in peninsular Malaysia, which refrained from producing bitumen since mid-2024, is likely to resume operations in 2025. The 175,000 b/d Map Ta Phut refinery in Thailand, which prioritised fuel oil production in 2024, is also likely to increase bitumen output this year, adding to the overall export supply pool. "If you compare current HSFO and bitumen prices, they are at very similar levels. From a margins perspective, the refiners have little reason to cut bitumen production," a southeast Asian trader said. "[But] if demand is not sufficient enough to absorb the supplies, they may have to cut output." Meanwhile, global trading firm Vitol's 50,000-70,000t bitumen storage facility in Malaysia's Tanjung Bin is expected to be operational in 2025. This would increase the volume of imported cargoes and enable inter-regional arbitrage . But whether the inventories would mainly cater to the Asian market has yet to be determined. Demand prospects mixed Chinese consumption expectations are mixed. This year is the final year of China's five-year economic plan and the government is set to turn its focus toward infrastructure investment, which typically drives bitumen consumption. The recent monetary policy announcement may also support demand. But market participants are unsure if the policies will be enough to stabilise the real estate sector. Higher domestic output will also weigh on import demand. Vietnamese consumption is expected to accelerate in 2025 as many projects were delayed because of prolonged funding issues. At least one importer estimates that consumption will rise by 20-30pc on the year to around 1.2mn-1.3mn t as funding issues are anticipated to subside. Thai and Malaysian demand in 2025 is expected to be similar to 2024 levels, with a stable number of projects and likely no change in policies. Consumption is anticipated to increase by at least 5pc on the year in New Zealand. But importers from neighbouring Australia expect a 10pc drop on the year with few large projects and most maintenance works limited to filling potholes, and budget availability still uncertain. Demand is also unlikely to increase in Indonesia as infrastructure funds will remain tight, given that the recently elected government will continue to prioritise financial support programmes and social initiatives, southeast Asian traders told Argus . Logistical constraints to extend Bitumen vessel availability was tight in the last quarter of 2024 and is likely to persist into the first quarter of 2025. Weak demand and reduced production have weighed on liquidity in the second half of 2024, which caused some vessels from Asia to move to other regions. But vessel tightness is likely to ease in the second half of 2025, as several new 8,000 dead weight tonne (dwt) and a few larger vessels around 16,000-17,000 dwt are likely to be delivered in this year, market participants said. There are far fewer new builds for smaller 5,000 dwt vessels, which may indicate an atypical shift towards larger ships to transport bitumen in Asia. By Sathya Narayanan, Leanne Tan, Claire Ng, and Chloe Choo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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