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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Singapore’s bitumen prices hit historic highs
Singapore’s bitumen prices hit historic highs
Singapore, 8 April (Argus) — Singapore's bitumen export prices have reached record highs after widespread output cuts sharply reduced regional supply. At least two major refiners in Singapore have declared force majeure on bitumen exports because of feedstock supply disruptions, notifying several contract buyers of reduced volumes. A third refiner is understood to have very limited spot availability for April-loading cargoes. Offers for May-loading cargoes were also scarce, with feedstock shortages likely to persist because transits through the strait of Hormuz remain well below pre-conflict levels. Singapore's daily ABX1 price surged to $700/t fob Singapore on 7 April, up by more than 88pc from pre-conflict levels. But discounts to 3.5pc 380cst high-sulphur fuel oil (HSFO) fob Singapore prices narrowed sharply. The spread between the two products has narrowed to $17.25/t on 7 April, Argus data show. This shift may incentivise some Singapore-based refiners to raise bitumen output, but exports from Singapore are likely to stay limited in the near term. Some market participants are sceptical that more attractive production margins relative to fuel oil alone would prompt refiners to increase bitumen output, given persistent shortages across the barrel. Refiners are still likely to prioritise production of gasoline, gasoil and bunkers where possible. Some export cargoes from China have filled supply gaps in southeast Asia, with buyers in Vietnam and Thailand securing April-loading cargoes from refiners in south China. Some south China-origin cargoes were discussed and sold at around $670-680/t fob for April loadings, market sources said. Buy-side resistance strengthens While supply remains tight, buy-side resistance has grown on the back of rising raw material costs. Some contractors in Vietnam and Indonesia may delay or halt roadwork projects because of funding constraints. Many government budgets were set before the conflict, when bitumen prices were significantly lower, and it remains unclear if governments will provide additional funding in the wake of current higher prices. Many Vietnamese and Indonesian importers are also reluctant to commit to high-priced seaborne cargoes from Singapore, because current domestic trucked prices are lower. Bids and buying indications for April-loading cargoes from southeast Asian importers were largely capped at $660/t fob Singapore, on a netback basis. Australian buyers may be better placed to secure Singapore export supplies as some contractors rush to finish projects before the winter lull, but many remain cautious. Most want to avoid building stocks at current high prices, wary that spot prices could correct sharply and leave them holding expensive inventories. In the near term, government funding is expected to be mainly focused on more pressing issues, including providing subsidies for escalating transportation fuel costs, with infrastructure and roadwork projects given lower priority. Funding constraints from higher raw material costs are not the only factor limiting demand. The cost of gasoil, needed to operate trucks, heat tanks and run some machinery, has also surged since the start of the war, further adding to operating costs for contractors. By Leanne Tan Argus fob Singapore bitumen prices ($/t) Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina economy has sluggish start to 2026
Argentina economy has sluggish start to 2026
Montevideo, 26 March (Argus) — Argentina's economic activity expanded by an annual 1.9pc in January, according to the statistics agency, Indec. Growth slowed from the 3.3pc expansion reported in December following a 0.2pc contraction in November. Economic activity grew by an annual 1.3pc in January 2025. Growth in January 2026 was fueled by an annual 50.8pc increase in fisheries, a 25.1pc expansion in agriculture and 9.6pc growth in mining. Dragging down growth were manufacturing, off by 2.6pc, with retail falling by 3.2pc and utilities off by an annual 3pc. The government forecasts 5pc growth for 2026. The government is grappling with hyperinflation, which remains higher than forecast, and rising unemployment, which has increased. Export earnings were unexpectedly down in February, according to Indec Argentina's consumer price index (CPI) increased to an annual rate of 33.1pc in February, up from 32.4pc in January, Indec reported earlier this month. Still, it has slowed from 66.9pc in February 2025. Unemployment rose to 7.5pc at the end of fourth quarter of 2025, up from 6.6pc in the third quarter and compared with 6.4pc in the fourth quarter of 2024, according to Indec. The country's trade surplus narrowed to US$788mn in February, a nine-month low, from $2.2bn in January, according to Indec. -By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US asphalt market pauses to digest crude spike
US asphalt market pauses to digest crude spike
Houston, 6 March (Argus) — Surging crude prices from the US-Israel war against Iran froze the US asphalt market this week, as buyers shifted to the sidelines while some refiners considered pursuing alternatives or limiting production in the coming weeks. The war entered its sixth day on 5 March, and front-month Brent crude surged past $80/bl for the first time since January 2025. Brent crude has risen by nearly 18pc since late February. Asphalt prices, meanwhile, have remained stubbornly low as seasonal demand has yet to kick off and most buyers' tanks remain full. As of 5 March, fob US Gulf asphalt was valued around 64pc of the cost of Brent crude while fob New Jersey was at 67pc. Over the past five years, Gulf asphalt prices have averaged about 90pc the cost of Brent crude in the first week of March. Refiners in some regions have started to reduce asphalt production until prices rise to match crude input costs, as well as record-high increases in freight rates and bunkers . In the US midcontinent, some suppliers have chosen to not make any mid-month rail adjustments but have noted additional volumes would not be available at levels previously negotiated for March. Alternative options to asphalt are also significantly more appealing for refiners. Coker yields have climbed, and the Argus -calculated coker yield was a $98/st premium to asphalt late last week. Blending asphalt into fuel oil is also more attractive to refiners. When Brent crude surpassed $80/bl on 3 March, Gulf asphalt's value as a fuel oil blendstock surged into the $300s/bl. Asphalt retail markets are also not immune, with several retailers heard sending out letters or calling customers to warn of volatility and possible steep price increases in the coming weeks. Low US asphalt prices relative to other regions also spurred a flurry of interest from traders trying to work possible arbitrages early in the week. US Gulf asphalt was valued $43/st below Mediterranean supply last Friday, and Mediterranean prices are expected to rise sharply following a steep jump in high-sulphur fuel oil values . An arbitrage to Asia from the Americas could also open in April as major suppliers in south China reduce exports because of expected disruptions to feedstock supplies. Singapore's asphalt export prices have also surged , and market participants in the region are bracing for output cuts in April. Traders have noted difficulty finding asphalt in this hemisphere, however, as US-based refiners have little appetite to produce additional barrels and target prices closer to the $400s/st fob. By Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mideast freight rate surge hits African bitumen buyers
Mideast freight rate surge hits African bitumen buyers
London, 6 March (Argus) — Leading international shipping lines have imposed huge surcharges for container freight rates from the Mideast Gulf in response to the escalating Iran war, pushing up delivered bitumen prices because heated bitutainers, drums and bagged product are moved in containers. The gains are largely notional, as suppliers and importers note negligible flows from Mideast Gulf ports and terminals, including on bitumen tankers, but are especially worrying for east African importers who are reliant on Mideast Gulf drummed supplies and some bulk tanker shipments. European suppliers said they too had been hit by hefty freight rate rises for their deliveries from west European ports to destinations like west Africa and the Indian Ocean islands. Geneva-based MSC and UAE-headquartered DP World said this week they were imposing War Risk Surcharges with effect from 4 and 3 March respectively, of $2,000/20ft container, $3,000/30ft container and $4,000/40ft container. These apply to "all cargoes exported from UAE trans-shipments hubs in Jebel Ali and Abu Dhabi to west Africa, east Africa, south Africa, Mozambique and the Indian Ocean islands." MSC said the situation in the Middle East is "affecting maritime traffic in the straits of Hormuz and Bab el-Mandeb and causing disruption throughout our network." Suppliers of drummed bitumen, which typically moves in 20ft containers, from Jebel Ali to east African destinations, said the surcharges would nearly double shipping costs for Iranian drummed product repackaged in the UAE. Rates for such indirect flows had been $2,300-2,450/20ft container before the 28 February start of US and Israeli military action against Iran. The rise will push up drummed freight rates to east Africa to $215-222.5/t. Some suppliers said they expect a slow resumption of Jebel Ali loaded exports in the coming days, barring any further war escalation. Regional bitumen suppliers said no change has yet been indicated by Iranian state-owned IRISL for direct shipments of drummed or bagged bitumen from Bandar Abbas, the country's key bitumen export point. As of late February, IRISL direct shipping rates to Mombasa and Dar es Salaam were in the $1,100-1,400/20ft container range ($55-70/t). Argus drummed freight assessments, calculated based on direct and indirect flows, were $90-100/t and $95-110/t respectively in the week ended 27 February. Shipping lines' war risk surcharges for Mideast Gulf container movements to Indian destinations via Hormuz are $1,000-2,500/20ft container ($50-125/t). A supplier of European bitutainers to west African and Indian Ocean islands destinations said rates on those routes had more than doubled since the war began to around €4,000/container, from €1,800/container until late February. By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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