November Bitumen Prices 2026: Iran Jumps $25 as South Korea Drops $40 and Europe Slides

Global bitumen prices have taken sharply different directions in the second week of November 2026, creating one of the widest regional splits seen in the market this autumn.

Iranian export prices have moved higher, South Korea has recorded a USD 40/MT weekly decline, Indian VG30 has climbed again, Chinese bitumen prices have softened, and major European CFR assessments have dropped by around USD 25/MT.

For buyers searching for the latest bitumen price, the answer is no longer simply “up” or “down.”

November bitumen prices are now being driven by origin, grade, packaging, freight, local demand and delivery basis — with some markets rising strongly while others correct at the same time.

Are Bitumen Prices Rising or Falling in November 2026?

Both.

That is the defining feature of the current global bitumen market.

Iran bitumen prices are higher. India VG30 is higher. Jebel Ali and Mersin have edged upward.

But Singapore, China and South Korea have moved lower, while major European import assessments have undergone a much larger correction.

The result is a global market where comparing a single headline bitumen price can be misleading.

Iran Bitumen Price Jumps as FOB Bandar Abbas Reaches USD 425/MT

Iran is one of the strongest upward movers in the second week of November.

Iranian 60/70 premium drum is assessed at USD 410/MT ±5 EXW factory and USD 425/MT ±5 FOB Bandar Abbas.

Compared with the previous week, the FOB drum reference has increased by USD 25/MT.

Jumbo bag is assessed at USD 390/MT ±5 FOB Bandar Abbas, while flexi tank stands at USD 380/MT ±5 FOB.

The latest Iran bitumen price structure therefore shows:

60/70 Drum: USD 410/MT ±5 EXW
60/70 Drum: USD 425/MT ±5 FOB Bandar Abbas
60/70 Jumbo Bag: USD 390/MT ±5 FOB Bandar Abbas
60/70 Flexi Tank: USD 380/MT ±5 FOB Bandar Abbas

The stronger Iranian export reference is already affecting Iran-origin delivered prices into other international markets.

Iran-Origin Bitumen Prices Rise in Russia and Brazil

The change in the Bandar Abbas benchmark is now passing through to long-haul destinations.

Iran-origin 60/70 bitumen into Novorossiysk rises to USD 640–670/MT CFR.

The Iran-origin assessment into Santos also climbs to USD 675–710/MT CFR.

The Brazil assessment has increased by USD 25/MT compared with the previous week.

These movements demonstrate why the Iran bitumen price remains important well beyond the Middle East. Changes in the FOB Bandar Abbas reference can eventually influence delivered prices across distant markets, although freight, insurance and shipment timing prevent a perfect dollar-for-dollar transmission.

South Korea Bitumen Price Drops USD 40 in One Week

The sharpest downward movement this week comes from South Korea.

The paving bitumen PEN 60-80 bulk export benchmark — used as the nearest 60/70 market proxy — falls to USD 770/MT ±5 FOB Yeosu/Ulsan.

That represents a USD 40/MT weekly decline.

The fall comes as softer Chinese buying interest and lower regional export indications outweigh continuing supply constraints.

For Asian buyers, this is one of the most important November bitumen price signals because South Korea remains a significant Northeast Asian export reference.

India Moves the Other Way: VG30 Reaches USD 745/MT

India is moving in almost the opposite direction.

VG30 Chennai increases to USD 745/MT ±5 CFR, up USD 15/MT from the previous week.

Meanwhile, the listed 60/70 drum CFR assessments remain unchanged.

Key India bitumen prices include:

Chennai 60/70 Drum: USD 731/MT ±5 CFR
Chennai VG30: USD 745/MT ±5 CFR
Cochin 60/70 Drum: USD 668/MT ±5 CFR
Haldia 60/70 Drum: USD 743/MT ±5 CFR
Mundra 60/70 Drum: USD 638/MT ±5 CFR
Kandla 60/70 Drum: USD 673/MT ±5 CFR
Nhava Sheva 60/70 Drum: USD 688/MT ±5 CFR
Tuticorin 60/70 Drum: USD 734/MT ±5 CFR
Kolkata 60/70 Drum: USD 762/MT ±5 CFR

The contrast between India and South Korea is striking.

Indian VG30 prices are strengthening while a major Northeast Asian bulk export benchmark has fallen sharply.

This reinforces the need to separate grade, packing and regional market conditions when comparing global bitumen prices.

China Bitumen Prices Ease

China also moves lower in the second week of November.

Chinese 60/70 drum CFR prices decline by USD 5/MT across the listed destinations, creating a range of USD 680–697/MT.

Tianjin remains the highest listed drum destination at USD 697/MT ±5 CFR, while several southern markets including Hong Kong, Huangpu, Guangzhou, Nansha and Zhuhai are assessed at USD 680/MT ±5 CFR.

Jumbo bag CFR assessments range from USD 670/MT to USD 687/MT, maintaining approximately a USD 10/MT discount to corresponding new-steel-drum values.

For buyers searching for China bitumen prices, this distinction is important because packaging can materially change the final CFR quotation.

Singapore Bitumen Prices Ease Slightly

Singapore also moves lower, although the correction is modest compared with South Korea.

Singapore 60/70 bulk is assessed at USD 835/MT ±5 FOB, while drum falls to USD 905/MT ±5 FOB.

Both assessments decline by USD 5/MT.

The established USD 70/MT packaging differential between Singapore drum and bulk remains unchanged.

Despite the weekly reduction, Singapore continues to trade at a substantial premium to several other Asian benchmarks.

Gulf and Turkey Edge Higher

While parts of Asia correct lower, key trading hubs in the Gulf and Turkey continue to strengthen.

Jebel Ali 60/70 drum rises to USD 650/MT ±5 FOB and USD 660/MT ±5 CFR.

Both values increase by USD 5/MT.

Mersin also rises by USD 5/MT, with jumbo bag reaching USD 610/MT ±5 FOB and drum increasing to USD 620/MT ±5 FOB.

The higher Jebel Ali and Mersin prices show that regional replacement values are not following the same direction as Asian export benchmarks.

Europe Sees One of November’s Biggest Corrections

Europe provides another major story in the latest November bitumen prices.

Major CFR assessments in Germany, Spain and Italy fall sharply while domestic EXW markets remain significantly more resistant.

Germany Bitumen Price

Hamburg 60/70 drum falls to USD 695/MT ±5 CFR from USD 720/MT the previous week.

Bulk declines to USD 665/MT ±5 CFR from USD 690/MT.

That means both import assessments fall by USD 25/MT.

Domestic German 50/70–70/100 bulk remains at USD 718–735/MT EXW.

The gap between prompt import prices and the domestic German market has therefore widened substantially.

Spain Bitumen Price

Spain shows a similar correction.

Barcelona 50/70 drum falls to USD 708/MT ±5 CFR, while bulk declines to USD 678/MT ±5.

Valencia drum falls to USD 703/MT ±5 and bulk to USD 673/MT ±5 CFR.

Domestic Spanish bulk remains at USD 698–718/MT EXW.

Again, imported CFR values are adjusting much faster than the domestic market.

Italy Bitumen Price

Italy follows the same pattern.

Genoa 50/70 drum falls to USD 618/MT ±5 CFR and bulk to USD 568/MT ±5.

La Spezia declines to USD 613/MT ±5 for drum and USD 563/MT ±5 for bulk.

Domestic bulk remains at USD 603–623/MT EXW Italy.

The European correction is therefore concentrated in prompt CFR markets rather than domestic EXW structures.

Southeast Asia Resists the Bigger Global Moves

Most Southeast Asian bitumen prices remain comparatively stable.

Malaysia stays within a USD 635–645/MT CFR range.

Vietnam remains at USD 659/MT ±5 CFR Haiphong and USD 639/MT ±5 CFR Ho Chi Minh.

Indonesia remains at USD 625/MT ±5 CFR Belawan, USD 635/MT ±5 CFR Jakarta and USD 645/MT ±5 CFR Surabaya.

Thailand is the exception.

Bangkok falls by USD 5/MT to USD 660/MT ±5 CFR, while Laem Chabang declines to USD 655/MT ±5 CFR.

The relatively stable Southeast Asian market shows how buyer resistance and project budgets can limit the impact of broader regional supply pressure.

Several Markets Hold Their Ground

Not every global bitumen price changed this week.

Iraq remains unchanged at USD 327/MT ±5 EXW for jumbo bag, USD 335/MT ±5 EXW for drum and USD 390/MT ±5 FOB for export drum.

Sri Lanka remains at USD 642/MT ±5 CFR Colombo.

Bangladesh stays at USD 546/MT ±5 CFR Chittagong.

Australia remains at USD 880/MT ±5 CIF Brisbane for drum and USD 855/MT ±5 for jumbo bag.

South Africa remains at USD 857/MT ±5 CFR Durban for 60/70 drum, while domestic 50/70 bulk remains at USD 905–935/MT EXW.

Venezuelan FOB assessments are also unchanged across Jose Terminal, Puerto La Cruz and Amuay.

These unchanged values are important because they demonstrate that global bitumen prices are not moving mechanically from one benchmark to another.

Why Bitumen Prices Are Moving in Opposite Directions

The second week of November shows why a single global bitumen price is increasingly difficult to use.

Iran is rising.

South Korea is falling.

India VG30 is rising.

China is easing.

European CFR markets are falling sharply.

Gulf and Turkish hubs are edging higher.

Southeast Asian delivered prices are mostly holding.

These differences are being shaped by several factors:

• Refinery availability

• Local demand

• Grade

• Packaging

• Freight

• Origin

• Buyer resistance

• Seasonal road activity

• Port-specific replacement costs

• EXW, FOB, CFR and CIF delivery basis

For procurement teams, comparing prices without matching these variables can produce a misleading conclusion.

Bitumen Price Today: What Buyers Should Watch Next

For buyers following bitumen price today and November bitumen prices, several indicators deserve particular attention.

Iran's stronger FOB Bandar Abbas reference may continue to influence long-haul Iran-origin delivered markets.

India's VG30 market remains firm and is now above the Chennai 60/70 drum assessment.

South Korea's USD 40/MT weekly decline could influence competition across Northeast Asia if weaker buying continues.

China remains critical because another shift in Chinese demand could quickly affect both South Korean and wider Asian export values.

Europe also deserves close monitoring because CFR import values have corrected sharply while domestic EXW markets have not yet followed at the same speed.

That gap may become one of the most important pricing signals for the next phase of the European bitumen market.

November Bitumen Prices Are No Longer Moving as One Market

The second week of November delivers a clear message: global bitumen pricing has become increasingly regional.

The biggest weekly changes are moving in opposite directions.

Iran FOB drum rises by USD 25/MT.

South Korea falls by USD 40/MT.

India VG30 gains USD 15/MT.

China and Singapore ease.

European CFR prices fall by around USD 25/MT.

Jebel Ali and Mersin rise modestly.

This is not a uniform bullish or bearish market. It is a market where local fundamentals increasingly determine the price.

For buyers, traders and suppliers, the ability to compare the correct grade, packing, origin and delivery basis is becoming just as important as the headline USD/MT number itself.

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