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.
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.
Firm seeks to resurrect California asphalt refinery
Firm seeks to resurrect California asphalt refinery
Houston, 4 March (Argus) — California may soon have more asphalt production, as Santa Maria Road Materials plans to restart a 9,500 b/d asphalt refinery in Santa Maria. Work on the restart is expected to be complete in June, according to a permit transfer application filed with the County of Santa Barbara last week. The project involves the ongoing replacement of all process steam boilers as well as the repair or replacement of process flow piping, vessels, pumps, heat exchangers, tanks, distillation towers and associated heaters, according to the application. The operation of a "truck transportation facility" at the refinery is also included in the plan. Market participants have noticed on-site work over the past couple of weeks, but many remain skeptical, noting the extensive repairs needed and Santa Barbara's difficult regulatory environment. The facility was previously owned by Greka Energy and produced paving and emulsified asphalt products as well as light feed stock, naphtha, kerosene and gas oil, according to documents filed with the county. The Santa Maria refinery ceased operations in 2021 because of fire code violations and was shut down in 2022, according to the California Energy Commission. The refinery was originally built in 1932. One refinery closes, another opens The potential restart of the facility comes as US independent Valero plans to idle its 145,000 b/d refinery in Benicia, California, by April, which is expected to boost asphalt trade flows and prices as buyers seek supply from farther afield. Valero began the Benicia refinery shutdown on 31 January. The pending loss of production has also spurred several other companies to look for ways 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. 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. Additional market participants continue to investigate expansion opportunities in the state. By Cobin Eggers and Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuela reviewing latest ad-hoc oil contracts
Venezuela reviewing latest ad-hoc oil contracts
Caracas, 27 February (Argus) — Venezuela's state-owned oil firm PdV is reviewing 26 joint ventures granted from 2024-2025 to align them with changes to the hydrocarbons law or cancel them after the US has demanded reforms for investors. Now president Rodriguez began implementing new types of joint ventures, including some known as productive participation agreements (CPPs), after she took on the role of oil minister in October 2024 as part of her vice presidency. The arrangements could be retrofitted to match provisions under the recently modified hydrocarbons law, one PdV source told Argus , but more likely they may be cancelled. The 26 oil contracts granted after the ouster and arrest of former oil minister Pedro Tellechea in October 2024 and before the US seized former Venezuela leader Nicolas Maduro on 3 January are being reviewed, the PdV source said. Of those, 13 are CPPs. The PdV source said the US is pressuring Rodriguez to end those contracts since most of the other partners are non-US or little-known entities. "I think they will all be suspended," the source said. "What the Americans have told us is [any deals] need to be authorized by us." Rodriguez and Maduro granted the 26 deals in the two years but provided few public details. Even after Maduro was arrested on 3 January, Rodriguez still described the CPPs as a way forward to increase Venezuelan oil production. But once the law was modified the government and its partners were granted six months to adopt the contracts to the new law or cancel them. Sources say the arrangements were doomed to fail, since they were laboring from the beginning under the weight of US sanctions that are only now beginning to be lifted. "She granted two dozen contracts, but only five of those ... are in actual production", a former Venezuelan oil minister said. "Eliminating or retooling those contracts will have zero impact on production." Retooling those agreement or granting new ones may instead help to increase Venezuela's production from its plateau of about 1mn b/d in recent months. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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