Bitumen 60/70 latest news as of August 2024, the market for Bitumen 60/70 is experiencing varied dynamics across different regions.

In Asia, prices have shown stability with some slight variations. For instance, prices in China are ranging between Yuan 3,700-4,000 per tonne. This stability is attributed to ongoing infrastructure projects, though there are concerns about oversupply issues which might lead to slight price declines. In Southeast Asia, prices are facing pressure due to funding issues and budget constraints in countries like Indonesia and Malaysia.

In North America, the demand for bitumen remains strong, driven by construction activities. Prices in the US are between $425-430 USD/MT FOB in Singapore, with peaks at around $737.50 USD/MT in areas like Portland.

Europe, however, is experiencing weaker demand due to reduced construction activity. Suppliers like Tupras are struggling to find buyers, leading to relatively stable but sensitive prices influenced by broader oil price movements​.

In the Middle East and Africa, exports, particularly from Iran, are anticipated to increase significantly due to strong seaborne demand. However, OPEC+ production cuts have tightened supply, impacting global availability​.

The bitumen market’s stability is closely tied to crude oil price fluctuations and regional economic conditions. Brent crude prices have recently fluctuated, affecting bitumen prices globally​.

For specific prices in August 2024, Bitumen 60/70 from private factories is priced around $338-355 per metric ton, with slight increases observed towards the end of the month​.

These insights suggest that stakeholders in the bitumen market should closely monitor regional economic conditions, oil price trends, and infrastructure funding developments to navigate the market effectively in the coming months.