November Bitumen Prices Open With a Split Market: Gulf Hubs Rise as Asia Diverges

November bitumen prices have opened with a market that is becoming harder to describe through a single global direction.

The first week of November 2026 shows a softer Iranian producer structure, stronger Gulf and Turkish re-export hubs, a partial recovery in Chinese bitumen prices and sharply different conditions across the wider Asian market.

According to WPB, the latest November bitumen prices confirm that origin, packaging, freight and delivery basis are increasingly determining the real value of each cargo. A price move at one origin is no longer transferring automatically to other destinations.

For buyers, traders and procurement teams, the opening week of November is therefore less about whether “bitumen prices are rising or falling” and more about where supply is tightening, where replacement costs are increasing and which markets are resisting higher offers.

Three Market Signals Define November Bitumen Prices

Three developments stand out in the first-week November bitumen prices.

First, Iran has moved into a softer export structure. Iranian 60/70 drum is assessed at USD 385–390/MT EXW and USD 400/MT ±5 FOB Bandar Abbas, while jumbo bag stands at USD 380/MT ±5 FOB and flexi tank at USD 370/MT ±5 FOB.

Second, regional trading hubs are moving in the opposite direction. Jebel Ali and Mersin both rise by USD 15/MT, showing stronger replacement costs at key Gulf and Turkish export points.

Third, Asia remains deeply divided. Singapore stays at very high levels, China recovers selectively, South Korea eases and Indian VG30 moves higher.

That combination makes November bitumen prices more fragmented than a simple regional average would suggest.

Iran Bitumen Price Softens While Export Packing Spreads Remain Intact

The Iran bitumen price begins November with a clearer separation between factory-gate and export values.

Iranian 60/70 drum is assessed at USD 385–390/MT EXW factory and USD 400/MT ±5 FOB Bandar Abbas. Jumbo bag is assessed at USD 380/MT ±5 FOB Bandar Abbas and flexi tank at USD 370/MT ±5 FOB.

The pricing structure preserves the established hierarchy between export drum, jumbo bag and flexi tank.

For buyers comparing Iran bitumen prices, the important point is that the lower producer structure is not being transmitted equally into every destination because freight, insurance and route costs continue to shape delivered values.

Gulf and Turkish Hubs Move Against the Iranian Direction

The most interesting contrast in the first-week November bitumen prices comes from Jebel Ali and Mersin.

Jebel Ali 60/70 drum rises to USD 645/MT ±5 FOB and USD 655/MT ±5 CFR.

Mersin also moves higher, with 60/70 jumbo bag reaching USD 605/MT ±5 FOB and drum rising to USD 615/MT ±5 FOB.

Both markets rise by USD 15/MT even as the Iranian producer structure softens.

This divergence highlights a major feature of the current global bitumen market: hub replacement cost can move independently from the primary producer price.

Singapore Bitumen Price Remains One of Asia’s Highest Benchmarks

Singapore remains one of the highest-priced major Asian references in the latest November bitumen prices.

Singapore 60/70 bulk is assessed at USD 840/MT ±5 FOB, while drum stands at USD 910/MT ±5 FOB.

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

Singapore’s price level continues to reflect regional supply constraints and reinforces the importance of availability, not only crude or feedstock direction, in determining Asian replacement costs.

China Bitumen Prices Recover — But the North-South Gap Matters

China starts November with a selective recovery rather than a uniform national increase.

Chinese 60/70 drum CFR prices range from USD 685/MT ±5 to USD 702/MT ±5.

Tianjin is assessed at USD 702/MT ±5 CFR, Dalian at USD 697/MT ±5 and Ningbo at USD 690/MT ±5. Several southern destinations, including Hong Kong, Huangpu, Guangzhou, Nansha and Zhuhai, remain around USD 685/MT ±5 CFR.

The latest China bitumen prices show stronger northern values while southern ports remain under greater selling pressure.

This means the China bitumen market should not be read through a single headline price. Regional physical supply and local competition are producing an increasingly visible geographical split.

India VG30 Reaches USD 730/MT CFR Chennai

India remains another major focus in November bitumen prices.

VG30 Chennai advances to USD 730/MT ±5 CFR, bringing the grade almost level with Chennai 60/70 drum at USD 731/MT ±5 CFR.

Other listed 60/70 drum assessments remain at USD 668/MT ±5 CFR Cochin, USD 743/MT ±5 CFR Haldia, USD 638/MT ±5 CFR Mundra, USD 673/MT ±5 CFR Kandla, USD 688/MT ±5 CFR Nhava Sheva, USD 734/MT ±5 CFR Tuticorin and USD 762/MT ±5 CFR Kolkata.

The sharp rise in VG30 Chennai is particularly important because grade, packaging and delivery basis cannot be transferred mechanically across the Indian market.

India bitumen prices continue to require port-specific and grade-specific comparison.

South Korea Eases as Chinese Buying Softens

South Korea moves in the opposite direction from some other Asian markets.

The South Korean paving bitumen PEN 60-80 bulk export proxy eases to USD 810/MT ±5 FOB Yeosu/Ulsan.

Softer Chinese buying interest is limiting the market despite continued regional supply constraints.

The move reinforces the divergence within Asian November bitumen prices: Singapore remains high, China recovers selectively, India strengthens in VG30, while South Korea softens.

Southeast Asia Resists a Uniform Price Move

Southeast Asian November bitumen prices remain relatively stable in several markets because tight supply is being balanced by buyer resistance.

Malaysia remains within a USD 635–645/MT CFR range across the listed destinations.

Penang is assessed at USD 640/MT ±5 CFR, Kota Kinabalu at USD 645/MT ±5, Port Klang at USD 635/MT ±5 and Pasir Gudang at USD 638/MT ±5.

Vietnam also holds its existing structure, with Haiphong at USD 659/MT ±5 CFR and Ho Chi Minh at USD 639/MT ±5 CFR.

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

Thailand is one of the markets moving higher, with Bangkok reaching USD 665/MT ±5 CFR and Laem Chabang USD 660/MT ±5 CFR.

The Southeast Asian market therefore shows a clear balance between tight supply and price-sensitive buying rather than a broad regional rally.

Iran-Origin Long-Haul Prices Move Lower

The softer Bandar Abbas export reference has begun to affect some long-haul Iran-origin delivered assessments.

The Iran-origin 60/70 range into Novorossiysk decreases to USD 615–645/MT CFR.

Brazil also moves lower, with the Iran-origin Santos assessment reduced to USD 650–685/MT CFR.

These reductions show that producer-price changes are still passing into long-haul markets, but not on a one-for-one basis.

Freight, insurance and shipment timing remain embedded in the delivered ranges.

South Africa Import Price Corrects Lower

South Africa provides another example of a market-specific adjustment.

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

The difference between imported and domestic material demonstrates why global bitumen prices must be compared on the same basis before drawing conclusions about market direction.

Europe Holds After Previous Gains

Europe begins November without another broad numerical increase.

Germany remains at USD 720/MT ±5 CFR Hamburg for 60/70 drum and USD 690/MT ±5 for bulk. Domestic 50/70–70/100 bulk remains at USD 718–735/MT EXW Germany.

Spain also retains its previous structure, with Barcelona drum at USD 733/MT ±5 CFR and bulk at USD 703/MT ±5. Valencia remains at USD 728/MT ±5 for drum and USD 698/MT ±5 for bulk.

Italy remains at USD 643/MT ±5 CFR Genoa for drum and USD 593/MT ±5 for bulk, while La Spezia stays USD 5/MT below Genoa.

The European market is being pulled in different directions. German availability remains tight, Spain is seeing improving export availability and Italy continues to balance refinery constraints against softer seasonal demand.

That divergence is preventing another synchronized move in European November bitumen prices.

Stable Markets Still Matter

Several markets show little or no numerical change in the first week of November.

Iraq remains 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 holds 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.

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

Stable prices should not be interpreted as inactive markets. In several cases, opposing forces such as tight supply, buyer resistance, freight and seasonal demand are simply offsetting one another.

What November Bitumen Prices Mean for Buyers

The first-week November bitumen prices underline a growing problem with using a single global benchmark.

A buyer comparing two offers now needs to look beyond the headline USD/MT number.

The relevant comparison increasingly includes:

• Bitumen grade

• Origin

• Packing

• EXW, FOB, CFR or CIF basis

• Port of loading

• Port of delivery

• Freight

• Insurance

• Regional availability

• Refinery constraints

• Local project demand

A cheaper origin can still produce a more expensive delivered cargo, while a higher hub price may reflect stronger executable replacement economics.

November Opens With a More Fragmented Global Bitumen Market

The first week of November does not point to a single bullish or bearish global bitumen trend.

Instead, November bitumen prices are separating by origin, destination and logistics.

Iran has softened at the producer level. Jebel Ali and Mersin are firmer. Singapore remains expensive. China is recovering selectively. Indian VG30 is rising. South Korea is easing. Southeast Asia is resisting a broad increase, and Europe is holding after previous gains.

For traders and procurement teams, this fragmentation may create more regional arbitrage opportunities — but it also increases the risk of comparing prices that are not commercially equivalent.

Latest November Bitumen Prices on WPB

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