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
Browse the latest market moving news on the global bitumen and asphalt industry.
Venezuela raid has little impact on asphalt, so far
Venezuela raid has little impact on asphalt, so far
Houston, 5 January (Argus) — The weekend's US capture of Venezuelan president Nicolas Maduro is unlikely to have an immediate impact on the Americas asphalt market. Venezuelan asphalt is still sanctioned, and some market participants do not expect a new waiver anytime soon. Uncertainty around who will run the Venezuelan government also complicates the picture. US president Donald Trump said Washington would temporarily run the country and overhaul its oil sector, but US secretary of state Marco Rubio has since clarified that the US will seek to influence Caracas' policy decisions rather than take over the administration. The US will maintain its "oil blockade" against Venezuela to maintain leverage, Rubio said. Chevron remains the only company with a US waiver to import Venezuelan crude, which supports asphalt production. Chevron imported about 120,000 b/d of crude from Venezuela to the US in December, based on data from Kpler ship tracking. A rise in Chevron's US crude imports could be the first step that could potentially change the asphalt market. US Gulf refiners' appetite for heavy crude remains strong, as Pemex has reduced total exports and increased refinery run rates . Rising Venezuelan crude exports to the US would likely result in more asphalt production, which in turn could pressure US asphalt prices. Gulf asphalt slipped to $315/short ton (st) on 2 January, its lowest level since early February 2021. Prices have been pulled down in recent weeks by declining crude values, a widening light-heavy spread and pressure from rising Colombian asphalt exports. Colombia has filled the gap left by Venezuela and started to boost production, storage and marketing capacity of asphalt last year . The country exported nearly 550,000st of asphalt in 2025, a 20pc increase from 2024 and nearly double 2022 exports. Venezuelan exports, meanwhile, rose last year by 62pc to about 489,000st following a sanctions waiver that was revoked in May. Should Venezuelan asphalt return and Colombia continues to boost its production, buyers could see significantly lower prices. "All roads lead to lower asphalt prices, it's just a matter of when," one market participant said. By Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: California asphalt supply in limbo
Viewpoint: California asphalt supply in limbo
Houston, 2 January (Argus) — The potential closure of US independent Valero's 145,000 b/d refinery in Benicia, California, this spring is expected to boost asphalt trade flows and prices as buyers seek supply from farther afield. Valero in April 2025 said it planned to close or repurpose Benecia by April 2026. The plant produces roughly 400,000 short tons/yr of asphalt, according to market participants, accounting for about 35pc of total asphalt production capacity in the state. Benecia is the only local source of supply for the northern California market. The next closest producer is near Bakersfield in central California, about 280 miles from the San Francisco market. Bay Area retail asphalt prices are expected to rise as buyers shift to delivered rail volumes from the Rocky Mountains or Canada to make up for the shortage. Other North American rail markets could also see upward price pressure, with more volume directed to the US west coast. Bay Area rack prices averaged roughly a $200/st premium to rail values in the Rockies during 2025 and this week have been in the $470-$510/st range. A supply disruption could push prices rapidly higher. The last major disruption out west was in March 2022, when a fire damaged the 58,000 b/d Billings, Montana, refinery, which at the time was owned by ExxonMobil. Wholesale rail values in the Rockies rose to a 14-year high of $612.50/st in July 2022, a 39pc increase from March of that year. Asphalt production capacity in California totals 25,950 b/d or about 4,600 st/d , 15pc below 2020 levels and nearly 50pc below 2015 levels, according to US Energy Information Administration data. US west coast receipts of Rockies asphalt rail shipments totaled about 1.97mn bl or 351,785st through September 2025, 33pc above flows during the same period in 2015. Canadian rail volumes destined for the US west coast have also been on the rise recently. About 61,000 bl or 10,892st of Canadian asphalt landed on the US west coast in September, 9pc above September 2022 flows and the highest level for the month since 2018. Asphalt goes west The pending loss of production has spurred several companies to enter the wholesale asphalt market to fill the supply gap. Construction firm Teichert is developing a new terminal in West Sacramento, California, after purchasing a former fertilizer facility with rail and waterborne access. The facility has access to a deepwater shipping channel, and market participants have noted the possibility of waterborne imports if the economics are favorable. The most recent US west coast waterborne import was in August 2024 when a ship carrying Venezuelan asphalt landed in Portland, Oregon, according to Kpler data. Some market participants said California has never received a waterborne asphalt import. Asphalt terminal operator Ergon and San Joaquin Refining in August announced they had started discussions for a potential strategic partnership, and other suppliers have been heard looking at building tanks in or near California to supply the market. Valero also operates an asphalt terminal with rail access, a truck rack and storage capacity of about 300,000 bl in Pittsburg, California, and some market participants have noted the potential expansion of the site could boost rail flows into the terminal as well. Further south, Marathon Petroleum plans to produce asphalt and construct a truck-loading rack at its 365,000 b/d Los Angeles refinery in Carson, California, according to a project overview released by the company. An increase in asphalt production would likely not be seen immediately, however. Market participants expect Marathon's project to take roughly two years to complete because of the lack of existing asphalt infrastructure at the refinery and California's strict regulatory environment, and that additional source of supply would still be nearly 400 miles from San Francisco. By Cobin Eggers Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Brazil’s asphalt demand to grow in 2026
Viewpoint: Brazil’s asphalt demand to grow in 2026
Sao Paulo, 29 December (Argus) — Brazil's asphalt demand in 2026 is expected to surpass this year's level but is unlikely to reach the record set in 2024. Brazil's asphalt market is on track to close 2025 with sales of around 2.5mn metric tonnes (t), according to industry estimates, down from a record 3.17mn t in sales in 2024. Market participants expect a modest increase in 2026, with volumes projected to reach 2.6mn t. The anticipated growth is mostly related to Brazil's upcoming presidential elections, which traditionally spur government spending on roadworks and public infrastructure as part of campaign-driven investment cycles. While election years typically boost asphalt consumption, market participants are not expecting a dramatic surge on par with 2024. Borrowing costs remain at their highest levels since 2006, a factor that can diminish private investment in roads. Reduced budgets will also play a part in 2026 demand. Congress last week approved the annual budget bill , which reduced the transportation ministry's budget to R52.2bn ($9.4bn). Infrastructure spending will fall to R18.75bn in the coming year, down by about 36pc from R29.3bn in 2025. Funds allocated for the National Department of Transport Infrastructure (DNIT) in September, which takes responsibility for most paving projects in the country, also decreased in comparison to 2025. The amount allocated dropped to R11.7bn from R12.1bn this year. Budget cuts and delayed spending approvals reduced asphalt demand in 2025 by nearly 20pc from the year prior. [The federal government froze R31.3bn from the annual budget]( https://direct.argusmedia.com/newsandanalysis/article/2696689), including R1.5bn from the transport ministry, which limited funds for highway maintenance and new paving projects. This freeze, combined with the late approval of the 2025 budget law in April, restricted public agencies to minimal monthly spending early in the year and caused asphalt sales in the first quarter to drop by 15pc from a year earlier. Production and imports of asphalt have mirrored the year's weak demand. Domestic output fell by 25pc in the first half of the year, with state-controlled Petrobras' Replan refinery posting the steepest decline, down by 41pc from a year earlier. Sales during the same period dropped 23pc year on year, reinforcing a pessimistic outlook that emerged in May. The decline in asphalt imports was less pronounced. Brazil imported roughly 290,000t in the first half, or around 8pc less than a year earlier, according to official data from ComexStat. Although demand improved in the second half thanks to drier weather and increased DNIT spending, September volumes were still 25pc below prior year levels. Imports rose later in the year, but overall consumption remained subdued, shaped by fiscal constraints, delayed tenders and structural challenges in Brazil's infrastructure planning. Elsewhere in South America Argentina's asphalt imports in 2025 dropped around 9pc compared with the prior year, according to data from Kpler. This was the continuation of a trend that began in 2023, when Argentinian president Javier Milei came to power. Asphalt imports this year are expected to be down by 50pc compared with 2022. To help reduce the country's budget deficit, Milei froze all public works, including those involving paving activities. This rule remains in place, but the government has started to auction off more than 9,000km of highways under concession agreements. So far, two auctions have been launched as part of this program. Argentina's asphalt imports for 2026 are expected to remain flat with this year. In Chile, a country that imports most of its asphalt needs, imports have remained relatively stable for the past nine years. Only 2024 was an anomaly, when the country imported more than 150,000t of asphalt, a surge of almost 45pc compared with 2023. Imports this year are expected to drop more than 30pc to 107,000t, roughly the same level as in other years. Chile's new right-wing president, Jose Antonio Kast, will take over in 2026. And if he focuses on private investments rather than public works, asphalt imports could trend flat-to-lower in 2026. By Julio Viana Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Viewpoint: Bitumen markets eye pockets of demand
Viewpoint: Bitumen markets eye pockets of demand
London, 19 December (Argus) — Paving activity may strengthen in some European and north African markets in 2026, but several others are expected to see continued declines in bitumen demand. Germany could lead any recovery, market participants said, as a new government plans to expand and maintain the road network. The country — once Europe's bitumen powerhouse — had a weak 2025, but paving work is expected to lift consumption from mid-2026. German bitumen demand has fallen by more than 20pc since 2021, while France and the UK are down by over 25pc in the same period. Budget constraints and high inflation drove these declines. Sweden, Norway and Denmark — already demand drivers in 2025 — could strengthen further in 2026. Road budgets are set to rise as governments prioritise infrastructure and the value of well-maintained highways, possibly linked to higher defence spending as Nato strengthens in Europe. North Africa has also drawn European Mediterranean surplus cargoes , and market participants expect demand from the region to increase next year, led by Algeria, Morocco and some Libyan consumption. Elsewhere, there is little cause for optimism. In France, most participants expect 2026 demand to be weaker than in 2025. With the government beset by regular upheaval and parlous public finances, road spending seems an unlikely priority. Several other northwest and central European countries will also see steady to lower bitumen consumption in 2026. Meanwhile, prospects for a peace deal between Ukraine and Russia remain slim, so a large upswing in Ukrainian import demand looks unlikely next year. Export opportunities outside Europe also appear limited, as Asia-Pacific and the Middle East remain well supplied and demand there stays slow. South Africa, now reliant on imports, is more likely to source from the Mideast Gulf or Pakistan than from the Mediterranean. The prospects of shipping product to the US could improve in the coming months, with Mediterranean bitumen values currently firm relative to crude and fuel oil. But large volumes seem unlikely. Some Mediterranean cargoes moved to the US last year, but the trend was short-lived. In the bitumen freight market, several new larger tankers will enter service in 2026, increasing vessel availability in what will still be a weak market. This could weigh on freight rates but help offset higher costs from the EU ETS scheme, which comes fully into effect in 2026 after its 2024 implementation. Bitumen prices fell in 2025 and are expected to stay under pressure through winter, before seasonal gains from March 2026. Markets should see greater strength relative to fuel oil in summer as bitumen demand typically rebounds then. Demand for bitumen was generally weaker across most European countries in 2025 than in 2024, weighing on prices. Budgets came under pressure and political challenges contributed to a lack of focus on infrastructure and road maintenance spending. Bitumen prices hit historic lows in 2025, partly offsetting inflation-driven increases in building, equipment and material costs. By Jonathan Weston Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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