Global Bitumen Market Trends: A Regional Analysis of Asia, China, Africa, and India-October 

As of October 2024, Iran's bitumen market has experienced price increases driven by rising feedstock costs and strong demand, particularly from India. Despite the prolonged weakness of the Iranian rial against the US dollar, Iranian export prices for bitumen remain competitive, ranging from $312 to $395 per ton. Iran remains a major player in the bitumen export market, especially benefiting from its established distribution networks and favorable export rates, primarily serving markets in Asia and the Middle East.

In Asia, bitumen markets are mixed. India continues to drive significant demand due to its expanding infrastructure and road construction projects, with prices in Mumbai increasing to $487-490 per ton. In contrast, the Singapore market has seen steady prices, with a stalemate between buyers and sellers resulting in limited transactions for November-loading cargoes. Asian refiners are mostly sold out, leading to limited offers, while demand remains stable but not aggressive.

In China, bitumen demand has remained relatively stable, with coastal prices holding steady between $430 and $450 per ton. China's market is showing resilience, maintaining consistent consumption for domestic infrastructure projects, although no significant price fluctuations have been noted recently. China's focus on maintaining steady bitumen imports highlights its continued commitment to long-term infrastructure development.

Africa has seen bitumen prices drop, particularly in West and East Africa. Import prices in regions such as Lagos and Mombasa have fallen sharply, reflecting lower freight rates and reduced demand for bulk shipments. African markets are undergoing infrastructure improvements, but financial constraints in several countries are affecting bitumen demand, resulting in softer prices across the continent.