Metals Movers (Argus series within Argus Media feed)
Asia’s Bitumen Shift: Trade Flows, Freight, and Future Demand
Metals Movers (Argus series within Argus Media feed)
•February 13, 2026•0 min
0
Metals Movers (Argus series within Argus Media feed)•Feb 13, 2026
Why It Matters
Understanding these supply‑chain disruptions and pricing shifts is crucial for stakeholders—from traders to infrastructure planners—who must navigate higher freight risks and evolving demand patterns. The episode’s insights are timely as Asian economies balance post‑pandemic recovery with divergent investment cycles, influencing global bitumen trade and pricing outlooks.
Key Takeaways
- •Chinese bitumen exports rose 50% to 700k tonnes in 2025.
- •ChainBot refinery contributed 37% of China's bitumen shipments.
- •Vietnam remained top Chinese buyer, receiving 32% of exports.
- •Iranian sanctions raised freight costs, driving UAE trans‑shipment routes.
- •Indonesia's asphalt demand fell 16% in 2024, Thailand overtook.
Pulse Analysis
The Asia‑Pacific bitumen market is being reshaped by a dramatic surge in Chinese exports. Customs data show a 50% jump to roughly 700,000 tonnes in 2025, driven by the high‑output ChainBot refinery in Hainan, which alone supplied 37% of national shipments. Lower production costs under the free‑trade‑port regime and new entrants such as PetroChina and Ningbo Bo Hui have expanded supply, while Vietnam now absorbs 32% of the volume, reinforcing China’s competitive edge over traditional exporters like Singapore.
Sanctions on Iran have added a volatile layer to regional trade. Although Iranian bitumen still reaches Asian buyers, heightened banking, insurance and shipping risks have forced importers toward heavy discounts or alternative sources. Freight rates have risen $30‑$40 per tonne as cargoes are rerouted through the UAE for trans‑shipment, inflating overall import costs. The uncertainty around vessel availability and communication blackouts further compresses market liquidity, prompting buyers in India and elsewhere to reassess risk‑adjusted pricing and consider domestic or third‑party supplies.
Demand dynamics across the broader Asia‑Pacific region reveal a mixed outlook. Production fell 4.5% in 2024, with independent Chinese refiners constrained by crude quotas and Japan’s long‑term consumption decline. Indonesia’s asphalt use dropped 16% in 2024, allowing Thailand to become the leading Southeast Asian consumer. Australia experienced a 13% consumption dip due to pandemic‑related fiscal shifts, yet a fresh AU$17.1 billion infrastructure program promises a 4.4% rebound in 2025. Overall, while 2024 marked a contraction, policy‑driven projects in South Asia and renewed funding in Australasia suggest modest growth through 2029.
Episode Description
In this episode, our market experts examine how shifting trade flows, growing shipping uncertainty and evolving supply dynamics are reshaping the global bitumen landscape in 2026. Importers across Asia are navigating longer voyage times, tighter vessel availability and escalating freight costs, all of which are creating greater unpredictability in securing prompt cargoes. The discussion also delves into Asia‑Pacific’s rapidly changing supply picture, driven in part by a sharp rise in Chinese exports. Competitive pricing from China is increasingly redefining traditional trade relationships across Vietnam, Malaysia and Thailand.
The episode further explores how infrastructure spending trends are diverging across major regional markets. China faces slowing growth, while India, Southeast Asia and Australia continue to benefit from stronger project pipelines. These contrasting demand trajectories highlight how broader economic conditions, government investment and market maturity are influencing consumption patterns. Collectively, these factors illustrate a bitumen market in transition, shaped by new trade routes, shifting competitiveness and evolving regional demand.
Show Notes
Asia’s Bitumen Shift: Trade Flows, Freight, and Future Demand
Argus Media
In this episode, our market experts examine how shifting trade flows, growing shipping uncertainty and evolving supply dynamics are reshaping the global bitumen landscape in 2026. Importers across Asia are navigating longer voyage times, tighter vessel availability and escalating freight costs, all of which are creating greater unpredictability in securing prompt cargoes. The discussion also delves into Asia‑Pacific’s rapidly changing supply picture, driven in part by a sharp rise in Chinese exports. Competitive pricing from China is increasingly redefining traditional trade relationships across Vietnam, Malaysia and Thailand.
The episode further explores how infrastructure spending trends are diverging across major regional markets. China faces slowing growth, while India, Southeast Asia and Australia continue to benefit from stronger project pipelines. These contrasting demand trajectories highlight how broader economic conditions, government investment and market maturity are influencing consumption patterns. Collectively, these factors illustrate a bitumen market in transition, shaped by new trade routes, shifting competitiveness and evolving regional demand.
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