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Bitumen Price Trend and Forecast

UNSPC code: 301216
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âźł Weekly Update
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Historical Data Since 2015
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Forecast for 2026

bitumen Price Trends by Country

inIndia
caCanada
irIran
iqIraq

Global bitumen Spot Market Prices, Trend Analysis and Forecast

Price-Watch’s most active coverage of Bitumen price assessment:

  • VG-10 Ex-Mathura, India
  • VG-30 Ex-Mathura, India
  • VG-40 Ex-Mathura, India
  • VG-10 Ex-Mumbai, India
  • VG-30 Ex-Mumbai, India
  • VG-40 Ex-Mumbai, India
  • VG-10 Ex-Haldia, India
  • VG-30 Ex-Haldia, India
  • VG-40 Ex-Haldia, India
  • VG-10 Ex-Kochi, India
  • VG-30 Ex-Kochi, India
  • VG-40 Ex-Kochi, India
  • VG-10 Ex-East India, India
  • VG-10 Ex-North India, India
  • VG-10 Ex-South India, India
  • VG-10 Ex-West India, India
  • VG-30 Ex-East India, India
  • VG-30 Ex-North India, India
  • VG-30 Ex-South India, India
  • VG-30 Ex-West India, India
  • VG-40 Ex-East India, India
  • VG-40 Ex-North India, India
  • VG-40 Ex-South India, India
  • VG-40 Ex-West India, India

Bitumen Price Trend Q3 2025

India

Bitumen market update Grade VG-10 (Ex-Mathura Refinery)

In Q3 2025, Bitumen prices in North India continued a downward trajectory across consecutive months, reflecting weaker seasonal demand and easing crude oil values. The monsoon period curtailed infrastructure construction, reducing contractor purchases and slowing refinery offtake. Sellers focused on liquidity management through selective discounts, while steady refinery output contributed to localized oversupply conditions.

According to PriceWatch, Bitumen Price trend moved between USD 490 – 515 per metric ton during the quarter, marking a consistent softening trend. The decline was led by lower infrastructure offtake, delayed public project payments, and cautious purchasing sentiment among traders. Despite ample supply, competitive pricing kept trade active at moderate levels within the regional market.

In September 2025, prices had fallen by 3.52% month-on-month, closing the quarter with subdued sentiment. A mild recovery is anticipated in the coming term as the post-monsoon resumption of infrastructure activity and improved payment cycles could lend moderate upward support to VG-10 Bitumen prices.

Bitumen Price Trend Analysis: Q2 2025

In Q2 2025, Bitumen markets reflected a mix of regional stability and cautious optimism driven by infrastructure and construction trends. Iraq registered a modest 1% price increase as political negotiations showed progress, hinting at potential infrastructure revitalization and renewed demand. Iran experienced a slight 1% decline, underscoring ongoing trade bottlenecks and logistical constraints despite efforts to diversify export routes. Canada maintained a firm pricing outlook with a 1.5% rise, supported by resilient road construction activity and steady crude oil benchmarks.

In contrast, the UAE continued its upward trajectory with a 2.5% gain, propelled by accelerated mega-projects in Dubai and sustained investment flows, reinforcing its role as a key regional construction hub. According to PriceWatch, Bitumen prices in the last week of June 2025 were assessed at USD 320/MT FOB Jebel Ali.   

In the second quarter of 2025, bitumen prices in India registered a marginal increase of 0.97%, signaling a more stabilized market following the sharp rise observed in the previous quarter. The slight upward movement was primarily supported by steady demand from ongoing infrastructure and road development projects.

However, the pace of consumption moderated with the onset of the monsoon season, which typically slows construction activity. Government spending on highways and urban development persisted but was tempered by tighter budget allocations and cautious procurement ahead of heavy rains.

While global crude oil benchmarks remained firm, improved domestic supply chain efficiencies helped contain further cost escalation. According to PriceWatch, by the end of Q2 2025, VG 30 grade bitumen prices stood at approximately USD 580 per MT in the Indian market. 

In the first quarter of 2025, Bitumen markets have been in transitional phases. Iraq’s flatlining prices tell the tale of a nation waiting for political stability before committing to major projects. Iran’s 2% gain in Bitumen prices suggested some success in finding new export channels, albeit at compromised margins.

Canada’s bitumen market is quietly confident, with early spring demand and crude price support preventing declines. And the UAE’s steady 2% climb in bitumen prices continues as Dubai’s cranes swing into action for what promises to be a transformative decade of development. 

In the first quarter of 2025, bitumen prices in India surged by around more than 10%. This notable rise was fueled by several factors, primarily the increased demand stemming from the launch of major infrastructure initiatives, especially in road construction and seasonal uptick in demand. Government funding for national highway upgrades and urban development projects significantly boosted consumption levels.

Furthermore, a notable increase in global crude oil prices raised production costs for bitumen, contributing to the overall price hike. Additionally, regional supply limitations and logistical challenges further exacerbated the upward trend in prices nationwide. After the conclusion of Q1 of 2025, Bitumen prices have been assessed at USD 640 per MT in the Indian domestic market for VG 40 grade.  

Bitumen Price Trend Analysis: Q4 2024

The final quarter of 2024 brought nuanced shifts to global bitumen pricing, shaped by fiscal cycles, geopolitical undercurrents, and seasonal transitions. In Iraq, a 2% price uptick reflected the annual year-end budget surge, as ministries accelerated spending—an expected but influential driver. Iran saw a 3% rise, leveraging regional pre-winter stockpiling despite the persistent shadow of sanctions.

Canada’s bitumen prices eased by 2%, a typical seasonal dip, though tempered by consistent U.S. demand. The standout, however, was the UAE, where prices surged 5%, fueled by Expo 2030 infrastructure push, planned refinery maintenance, and a rare weather window that finally favored large-scale construction. 

The last quarter of 2024 continued the upward trend in bitumen prices, with a 1% increase. This rise was attributed to ongoing infrastructure development and increased government investment in road construction as preparations for the new year commenced.

Despite steady demand, the price increase remained modest, as supply chains were stable, and the market began to show signs of balancing after the more significant fluctuations earlier in the year. 

The post-summer period in Q3 2024 brought cautious optimism in the bitumen market. Iraq’s bitumen prices finally stabilized (just 1% down) as some infrastructure projects crawled forward, though bureaucratic delays remained the norm. Iran managed a 1% uptick in Bitumen prices – not a victory, but a reprieve from freefall.

Across the Atlantic, Canada enjoyed a 4% surge as peak construction demand met refinery maintenance bottlenecks. The UAE market found its footing with a 1% gain, thanks to savvy exporters redirecting cargo to Africa and South Asia where demand was heating up. 

In the third quarter of 2024, bitumen prices experienced a more pronounced rise of approximately 3%. This increase was driven by a surge in demand for road construction following the end of the monsoon season, which spurred infrastructure activity.

Both government road initiatives and private sector projects contributed to the heightened consumption of bitumen. Additionally, a moderate rise in global crude oil prices further influenced production costs, leading to higher bitumen prices nationwide.  

As the second quarter progressed, the divergence in regional bitumen markets became more pronounced. In Iraq, the sector faced mounting headwinds—tender delays and the disruptive effects of monsoon rains converged to suppress demand further, leading to a 3% decline. Meanwhile, Iran intensified its export-driven approach, opting to cut prices by another 5% to sustain refinery throughput. However, this strategy increasingly strained domestic margins, highlighting a growing trade-off between volume and value.

In contrast, North America presented a more resilient picture. Canada posted a 2% uptick, buoyed by seasonal construction activity and a steady pull from U.S. demand, offering a modest but welcome reprieve. The UAE, however, grappled with the extremes of its climate; soaring temperatures and saturated storage capacity contributed to a 3% drop, as midday pours became impractical, and contractors hesitated to move product. 

The second quarter of 2024 witnessed a slight rebound, with bitumen prices rising by 1%. This increase was primarily fueled by the seasonal uptick in demand for road construction materials as infrastructure projects gained momentum after the monsoon season.

However, the growth in prices was limited due to stable supply conditions and logistical challenges in certain areas that restrained further price escalation.  

Bitumen prices entered Q1 2024 under pressure, shaped by a mix of political, economic, and seasonal forces across key markets in the first quarter. In Iraq, a 5% price decline reflected reduced infrastructure spending amid ongoing political deadlock—an all-too-familiar drag on development. Iranian producers, constrained by sanctions, slashed prices by 4% to clear surplus inventories, prioritizing cash flow over profitability.

Canada saw a 3% dip as an unusually mild winter stalled roadwork, delaying seasonal demand. In the UAE, prices fell 4%, driven by a slowdown in construction activity and intensified competition from discounted Iranian exports. These movements highlight how geopolitics and weather continue to override broader global supply-demand fundamentals. 

During the first quarter of 2024, bitumen prices in India experienced a notable decline of around 8%. This drop was influenced by several factors, including a slowdown in construction activities following the holiday season and a fall in global crude oil prices, which helped reduce production costs.

The early months of the year saw a decrease in demand for road construction materials, combined with an oversupply, resulting in a significant price reduction across various regions in India.  

Technical Specifications of Bitumen Price Trends

Product Description

Bitumen is a black, highly viscous, sticky, and waterproof substance that is present in some natural deposits or is obtained as a residual product from petroleum refining (typically from the vacuum distillation of crude oil). It acts as a binder or adhesive and is primarily composed of hydrocarbons. Its main application is in road construction, where it is used to bind aggregates together to create asphalt concrete (asphalt pavements). It is also widely used for roofing and waterproofing applications due to its excellent water-repellent properties.

Identifiers and Classification:

  • CAS No – 8052-42-4
  • HS Code – 271320


Bitumen Grades Specific Price Assessment:

  • BITUMEN VG-10
  • BITUMEN VG-30
  • BITUMEN VG-40


Bitumen Global Trade and Shipment Terms

  • Quotation Terms (Product & Country Specific): 25-30MT
  • Packaging Type (Product & Country Specific): ISO Tank


Incoterms Referenced in BITUMEN Price Reporting

Shipping Term  Location  Definition 
Ex-Haldia  Haldia, India  Domestically Traded Bitumen price Haldia. 
Ex-Kochi  Kochi, India  Domestically Traded Bitumen price Kochi. 
Ex-Mathura  Mathura, India  Domestically Traded Bitumen price Mathura. 
Ex-Mumbai  Mumbai, India  Domestically Traded Bitumen price Mumbai. 
Ex-North India  North India  Domestically Traded Bitumen price North India. 
Ex-South India  South India  Domestically Traded Bitumen price South India. 
Ex-West India  West India  Domestically Traded Bitumen price West India. 
Ex-East India  East India  Domestically Traded Bitumen price East India. 

*Quotation Terms refers to the quantity range specified for the Bitumen being quoted or offered in a commercial transaction.

**Packaging Type refers to standard packaging size commonly used for Bitumen packing, ease of handling, transportation, and storage in industrial and commercial applications.


Key Bitumen Manufacturers

Manufacturer 
China Petroleum and Chemical Corporation (Sinopec) 
Exxon Mobil Corporation 
Shell plc 
BP p.l.c. 
Gazprom Neft 
TotalEnergies SE 
Indian Oil Corporation Ltd 

Bitumen Industrial Applications

bitumen market share end use

Historically, several events have caused significant fluctuations in Bitumen prices

  • 2023: Sustained High Input Costs and Strong Infrastructure Push While crude oil prices eased slightly from their 2022 peaks, they remained elevated compared to historical levels. Persistent global inflation also kept operational and logistical costs high. Simultaneously, the Indian government continued its strong push for infrastructure development, particularly road construction under programs like Bharatmala, ensuring robust demand for bitumen. This sustained high demand, coupled with still-high input costs, kept bitumen prices firm and significantly above pre-pandemic levels throughout 2023. 
  • 2022: Surge in Crude Oil Prices due to Russia-Ukraine Conflict The outbreak of the Russia-Ukraine conflict in February 2022 caused extreme volatility and a significant surge in global crude oil prices, with Brent crude crossing well over $100 per barrel. This dramatic increase in the primary input cost directly resulted in sharp hikes in bitumen prices in India. Oil marketing companies implemented multiple price increases, making bitumen significantly more expensive and impacting the budgets of road construction projects nationwide. 
  • 2021: Economic Recovery and Rising Crude Oil Prices As economic activities resumed more broadly in 2021 and governments renewed focus on infrastructure projects delayed by the pandemic, demand for bitumen saw a significant revival. Concurrently, global crude oil prices steadily increased throughout the year due to recovering global demand and OPEC+ supply management. This combination of recovering domestic demand and rising feedstock (crude oil) costs led to a consistent upward trend in bitumen prices in India during 2021. 
  • 2020: The Effects of COVID-19 Pandemic and Global Crude Oil Crash The onset of the COVID-19 pandemic and subsequent nationwide lockdowns in India brought road construction activities to a near standstill in the second quarter of 2020. Simultaneously, global crude oil prices crashed due to plummeting demand worldwide. Since bitumen is a crude oil derivative, this dual impact led to a sharp decrease in bitumen prices due to both collapsed demand from the construction sector and significantly lower input costs. Later in the year, as lockdowns eased and crude oil prices began to recover, bitumen prices started to rebound, though demand recovery was initially gradual. 

Why PriceWatch?

PriceWatch is your trusted resource for tracking global bitumen price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the bitumen market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.

In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence bitumen prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely bitumen market data.

Track PriceWatch's bitumen price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.

Data Collection and Sources​

  • Real-Time Market Data: PriceWatch aggregates real-time pricing data from a diverse range of sources, including global commodity exchanges, industry reports, and proprietary databases. This ensures that our assessments reflect the most current market conditions. 
  • On-the-Ground Intelligence: Our team gathers insights directly from key market participants, including producers, suppliers, traders, and end-users, across major Bitumen production hubs. This ground-level intelligence is crucial for understanding localized market dynamics. 
  • Supply Chain Monitoring: We track the entire Bitumen supply chain, from raw material availability to production and distribution channels. This includes monitoring feedstock prices, production capacities, and transportation logistics. 

Event Tracking and Impact Analysis​

  • Geopolitical Tensions: PriceWatch continuously monitors global geopolitical developments, such as conflicts or trade disputes, which can significantly impact Bitumen prices. Our analysis includes potential disruptions to supply chains and their immediate and long-term effects on pricing. 
  • Natural Disasters and Climate Events: We assess the impact of natural disasters, such as hurricanes or winter storms, on Bitumen production facilities, particularly in vulnerable regions like the APAC coasts. These events are factored into our price forecasts and supply outlooks. 
  • Economic Shifts: PriceWatch evaluates macroeconomic trends, including global economic growth, inflation rates, and sector-specific demand (e.g., automotive, packaging, to predict shifts in Bitumen demand and corresponding price movements. 

Production Capacity and Supply Analysis

  • Current Production Monitoring: We maintain a comprehensive database of global Bitumen production facilities, tracking their operational status, maintenance schedules, and output levels. This allows us to assess current supply availability accurately. 
  • Future Capacity Projections: Our research includes detailed forecasts of upcoming Bitumen production capacities, factoring in new plant constructions, expansions, and technological advance bitumen. This helps in predicting future supply trends and potential price stabilization. 

Demand Forecasting

  • Sectoral Demand Analysis: PriceWatch provides an in-depth analysis of demand trends across key sectors, including road and other infrastructure construction. We track year-on-year demand growth and project future consumption patterns based on economic indicators and industry developments. 
  • Global Demand Dynamics: Our methodology considers regional demand variations and how they influence global Bitumen pricing. This includes understanding the impact of shifts in manufacturing bases, trade policies, and environmental regulations. 

Pricing Model Development

  • Dynamic Pricing Models: PriceWatch utilizes advanced econometric models to forecast Bitumen prices, incorporating real-time data, historical trends, and projected market conditions. Our models are continuously refined to enhance accuracy and predictive power. 
  • Scenario Analysis: We conduct scenario-based assessments to evaluate potential future market conditions. This includes best-case, worst-case, and most-likely scenarios, helping our clients prepare for a range of market outcomes. 

Reporting and Client Support

  • Comprehensive Reports: Our clients receive detailed reports that include current price assessments, future price forecasts, and in-depth analysis of market drivers. These reports are designed to be actionable, providing clear insights and recommendations. 
  • Ongoing Support: PriceWatch offers continuous updates and personalized support to our clients, ensuring they have the most up-to-date information to make informed decisions. Our experts are available to discuss specific market developments and provide tailored advice.

This research methodology ensures that PriceWatch delivers the most accurate, timely, and actionable Bitumen pricing assessments, helping our clients stay ahead of market trends and make informed business decisions. 

Bitumen Market Price Trend provided by PriceWatch is a base price and excludes VAT/Taxes, discounts, or offers. The information herein is accurate to the best of our knowledge as of the date indicated and is provided solely for the convenience of our customers as a reference for bitumen. PriceWatch disclaims any warranties or representations regarding the accuracy of results derived from this information. It is the sole responsibility of the user to assess the suitability of the product for their specific application. This document does not constitute an endorsement to use the product in violation of any applicable patent rights.

The pricing of bitumen is shaped by several important factors, primarily the cost of crude oil, since bitumen is a byproduct of petroleum. Changes in global oil prices have a direct effect on the expenses associated with bitumen production. Additionally, the demand for bitumen, particularly from construction projects like road building and infrastructure development, significantly influences pricing. Transportation expenses, which are affected by fuel costs and logistical considerations, also play a role in the overall pricing structure. Moreover, government regulations, including taxes and subsidies, can impact bitumen prices. Lastly, the competitive landscape among bitumen suppliers and the availability of alternative materials can further affect pricing trends.

To secure better pricing for bitumen from suppliers, it’s vital to build strong, trustworthy relationships. Consider consolidating your orders with one supplier to take advantage of bulk discounts. Look into establishing long-term contracts to stabilize prices and ensure a reliable supply. Keep yourself informed about market trends and competitor pricing to strengthen your negotiating stance. Emphasize the advantages of a long-term partnership, such as increased order volumes and steady revenue, to motivate suppliers to provide more attractive pricing. Additionally, explore alternative payment options, like discounts for early payments, to further enhance cost efficiency.

Bitumen procurement carries several risks, including fluctuations in oil prices, disruptions in the supply chain, quality assurance challenges, and compliance with environmental regulations. To address these risks, it’s important to diversify your supplier network to minimize dependence on a single source. Implement strong quality control protocols to ensure that the bitumen meets your standards. Stay informed about market conditions and regulatory changes to proactively manage potential issues.

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