Argus Bitumen

Europe, Africa, Middle East and Asia-Pacific prices and commentary

Incorporating Argus Asphalt Report

Issue 22-32  |  Friday 12 August 2022

Summary prICES

Bitumen prices were mostly firmer as stronger crude and Bitumen prices at key locations, 6-12 Aug $/t
fuel oil values supported the market. Export prices moved Low High ±
up from Europe, Singapore and South Korea, with stronger
Export cargo prices fob
Chinese demand supporting in Asia-Pacific.
Mediterranean 455.47 459.80 +7.65
In the Mediterranean, bitumen cargo prices edged higher
amid a sharp crude price rebound, although regional high- Rotterdam 534.15 539.15 +21.50
sulphur fuel oil (HSFO) gains were modest, while some bitu- Baltic 509.15 514.15 +21.50
men cargo differentials to HSFO slipped.
Singapore 550.00 570.00 +5.00
Central European markets, most notably Romania, led
South Korea 520.00 540.00 +20.00
the week's truck price declines, amid weak holiday period
demand across much of northern and central Europe. Mideast Gulf 320.00 460.00 +5.50

The Asia-Pacific bitumen market was supported by a rise Delivered cargo prices cfr
in HSFO prices coupled with a sudden tightening of supplies North Africa Alexandria, bulk 513.00 523.00 +10.00
from Singapore.
East Africa Mombasa, drum 493.00 503.00 +13.00
The resurgence in demand from China also supported
West Africa Lagos, bulk 649.00 659.00 +15.00
the market. The expected start of the paving season from
September pushed Chinese buyers to seek cargoes, which East China coast 575.00 585.00 +5.00
pushed South Korean values significantly higher this week. Domestic prices
Bitumen prices firmed in sub-Saharan Africa, with east
Antwerp ex-works 589 599 +2.00
African import values pushed up by Iranian export price
Southern Germany ex-works 589 599 +2.00
gains, while west African import values edged higher and
South African truck prices rose amid another spike in crude Hungary ex-works 589 599 -8.00

and fuel oil prices. Italy ex-works inc tax 558 569 +2.50

Indonesia ex-works 724.00 724.00 +1.00

Mumbai bulk 569.00 573.00 -2.00

Singapore cargo vs Taiwan cargo $/t

Singapore pen 60/70 waterborne Taiwan cargo

650
contents
600
Key bitumen prices 1
550
Map of waterborne bitumen prices 2
500 hh Northwest and central Europe 3-5

450 Mediterranean6-8
Sub-Saharan Africa  9-11
400
Asia-Pacific and Middle East 12-16
350 Vessel tracking indications 17
26 Nov 25 Feb 20 May 12 Aug
Bitumen news 18-20

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Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Waterborne BITUMEN prices, fob

Rotterdam
$537/t Italy Baltic
$469/t $512/t

Greece
Spain
$464/t South Korea
$471/t
$530/t

Turkey Taiwan
$459/t $550/t
Iran
$320/t
Thailand
Bahrain
$530/t
Ivory Coast $460/t
$566/t
Singapore
$560/t

Cargo Flows

The latest westbound transatlantic movement was on board Europe and Africa cargo export differentials to HSFO $/t
the 45,986 dwt Bitu Atlantic that was loaded at Aliaga, Low High ±
Turkey, and - after a part-discharge into Cadiz, Spain, was
Mediterranean, basis Augusta -8.33 -4.00 -2.50
scheduled to deliver into Marcus Hook, Pennsylvania, on the
Rotterdam, Netherlands +50.00 +55.00 nc
US east coast on 17 August.
Baltic +25.00 +30.00 nc
Spain +5.00 +10.00 nc

Waterborne markets, differential to HSFO $/t Italy +3.00 +7.00 -2.50

Greece -2.00 +2.00 -5.00
Rotterdam Spain
Turkey -7.00 -3.00 -2.50
Italy Greece
Ivory Coast Ivory Coast +100.00 +105.00 nc
150

Europe and Africa cargo export differentials to crude

100
Differential to Differential to
±
Ice Brent $/t Ice Brent $/bl
50
Mediterranean, basis Augusta -274.49 -23.06 +1.68
Rotterdam, Netherlands -195.48 -10.25 +3.93
0
Baltic -220.48 -14.30 +3.93
Spain -260.83 -20.84 +2.09
-50
Italy -263.33 -21.247 +1.69
3 Sep 21 24 Dec 21 22 Apr 22 12 Aug 22
Greece -268.33 -22.06 +1.28
Turkey -273.33 -22.87 +1.69
Ivory Coast -165.83 -5.45 +2.09
Bitumen conversion factor t/bl 6.17 Ice Brent conversion bl/t 7.53

Copyright © 2022 Argus Media group Page 2 of 21

Argus Bitumen Issue 22-32  |  Friday 12 August 2022

North and Central Europe market commentary

Summary North and central Europe bitumen prices, 6-12 Aug

Central European markets, most notably Romania, led the €/t $/t
week's truck price declines amid weak summer holiday pe- Low High ± Low High ±
riod demand across much of northern and central Europe. Domestic prices, ex-works
The construction sector in Romania, a key European Southern UK £/t 500 510 nc 607 619 -3.00
importer, remains in the doldrums, with intense competition Rotterdam, Netherlands 575 585 nc 589 599 +2.00
for supply into the market fuelling downward price pres- Antwerp, Belgium 575 585 nc 589 599 +2.00
Northern Germany 570 580 -5.00 584 594 -3.00
sures.
Northeast Germany 545 555 -15.00 558 569 -13.00
Cargo prices jumped on a crude and fuel oil rebound, Southern Germany 575 585 nc 589 599 +2.00
with Rotterdam and Baltic cargo premiums to fob Rotterdam Southwest Germany 565 575 nc 579 589 +2.00
high sulphur fuel oil (HSFO) barges assessed unchanged at Western Germany 565 575 -5.00 579 589 -3.00

$50-55/t and $25-30/t fob respectively. Hungary 575 585 -10.00 589 599 -8.00
Romania 550 560 -20.00 564 574 -18.00
Mediterranean HSFO cargo prices fell further below
Poland 575 585 nc 589 599 +2.00
Rotterdam HSFO barges, with the latter's premium to the Czech Republic 545 555 nc 558 569 +2.50
former - based on Argus assessments during the week end- Germany PMB (diff to
+140 +150 nc +143 +154 +0.61
ing 12 August - widening to $20/t from $9/t in the previous Germany)
Germany PMB 704 724 -5 721 742 -2.39
week. That encouraged renewed interest in Mediterranean
Export prices, ex-works
to north European arbitrage business, Central Europe bitumen
550 560 -18.00 564 574 -16.00
The 14,786 dwt T Adalyn was on 12 August in the process index
of discharging a part-cargo into Eastham, northwest England, Poland-Romania (truck) 545 555 -17.50 558 569 -15.50
Hungary-Romania (truck) 555 565 -10.00 569 579 -8.00
after a 10-11 August delivery into Dublin, Ireland, with the
Serbia-Romania (truck) 520 530 -50.00 533 543 -49.00
vessel having been loaded in late July at Tupras' Izmit export Austria-Romania (truck) 575 585 -10.00 589 599 -8.00
terminal in Turkey. The 36,950 dwt Asphalt Synergy was set Germany-Poland (truck) 545 555 -10.00 558 569 -8.00
to arrive at Antwerp on 13 August with a cargo loaded at Hungary-Slovakia (truck) 560 570 -10.00 574 584 -8.00
Agio Theodori, Greece. Poland-Germany (truck) 550 560 -5.00 564 574 -2.50
Czech Republic-Germany
545 555 nc 558 569 +2.50
(truck)
UK Rotterdam (cargo) 534.15 539.15 +21.50
Domestic truck prices were assessed unchanged at £500- Baltic (cargo) 509.15 514.15 +21.50
510/t ex-works and £515-525/t delivered into southern UK Domestic prices, delivered
Southern UK £/t 515 525 nc 625 637 -3.00
destinations after £10/t assessed declines in the previous
Brussels 585 595 nc 599 610 +2.50
week. Northern France 590 600 -10.00 605 615 -7.00
While formula-related contractual supply arrangements Central France 590 600 -10.00 605 615 -7.00
will have witnessed sizeable August declines versus July,
Crude and refined products, 6-12 Aug
Low High Average ±
Southern UK domestic and Rotterdam domestic $/t
Ice Brent minute marker week range $/bl 95.56 98.86 97.228 -0.45
Southern UK domestic Rotterdam domestic Fuel oil 3.5%S, fob RMG barge $/t 461.50 511.00 484.150 +21.50
800
Urals cif Rotterdam $/bl 74.68 78.48 +0.11
750 Fuel oil straight-run 0.5% fob cargo $/t 743.75 774.00 -31.25
700 Fuel oil straight-run M-100 cif cargo $/t 462.50 511.00 +24.50
Vacuum gasoil 0.5%S cif cargo $/t 770.25 800.75 -31.38
650
hhhhhhhhhhh

600 Northern Europe cargo freight rates $/t

Low High ±
550
Rotterdam-Thames 31 34 nc
500
Hamburg-Thames 39 43 nc
450 Klaipeda-Thames 62 66 nc
26 Nov 25 Feb 20 May 12 Aug La Coruna-Thames 52 56 nc

Copyright © 2022 Argus Media group Page 3 of 21

Argus Bitumen
North and Central Europe market commentary
cargo import prices were bolstered during the second week
of the month by a sharp rebound in HSFO prices, taking cfr
Thames values for bitumen imports to $565-565/t - around
£465/t.
Several cargoes were making their way to UK terminals,
including the 4,531 dwt Stella Maris that was loaded at Rot-
terdam for shipment to Eastham, northwest England, and
the 6,239 dwt Iver Brilliant that also loaded in Rotterdam
and joined a string of cargo shipments since mid-July into
Trafigura's Dagenham terminal on the Thames. A mid-July
incident causing damage to terminal equipment had caused
a lengthy delay to such cargo deliveries, a situation that was
resolved in early-August.
The UK Mineral Products Association released fresh data
in early August that showed mixed asphalt sales volumes
drop 6pc in the second quarter compared with the first
quarter, with all other construction materials also showing
hefty declines.
France
Construction activity fell to some of its lowest levels during
the summer holiday period that sees many projects slowed
or halted and asphalt plants shut, while supply issues were
mainly linked to mounting logistical problems.
Continued hot and dry weather across northwest Europe
left Rhine river levels further down, driving freight rates
higher still and making it yet more difficult to make barge
movements, including to one major company specialising
in output of roofing products in northeastern France that
regularly takes in bitumen barge volumes.
The French demand slowdown, along with the hefty fuel
oil losses during July, helped push French domestic prices
Germany: North vs South $/t
Northern Germany Southern Germany
650
600
550
hhhh
500
450
400
26 Nov 25 Feb 20 May 12 Aug
Copyright © 2022 Argus Media group Page 4 of 21
Issue 22-32  |  Friday 12 August 2022
sharply down during August, with one leading refinery sup-
plier understood to have cut its August prices to at least
one leading construction sector buyer by as much as €100/t.
After the previous week's €30/t downward price assessment
for French domestic prices, they were assessed another
€10/t down in the week ending 12 August at €590-600/t de-
livered in north and central France and €585-595/t delivered
in the south, with several suppliers having cut their prices
sharply during the course of July as well as in monthly revi-
sions from 1 August.
Benelux
No price direction was indicated on domestic Benelux mar-
kets after €50/t losses were registered for August sales rela-
tive to July values at the start of this month, with Dutch and
Belgian truck assessments staying at €575-585/t ex-works.
The second week of August was one of the slowest in the
summer construction holiday season, with numerous proj-
ects halted and mixed asphalt and other bitumen-converting
units shut before a gradual resumption from mid-August
onwards, although no major pick-up is anticipated before
September starts.
Germany
Bitumen truck prices slipped in parts of Germany as demand
slowed and supply was mostly plentiful, with Rhine barge
and other logistical problems remaining high amongst the list
of concerns.
Shell's 187,000 b/d Godorf refinery, which went offline
on 3 August after a power outage, was understood to be
producing plenty of residue at the expense of some middle
distillate output, with a potential boost o bitumen produc-
tion and supply, according to market participants, although
this could not be confirmed.
Northeast Germany showed the biggest price declines,
with assessments down €15/t at €545-555/t ex-works and one
supplier selling at or even below €540/t. The same supplier
also cut prices in the southwest of the country to around
€560/t, with assessments there unchanged at €565-575/t ex-
works. North and west Germany assessments were down at
€5/t at €570-580/t and €565-575/t ex-works respectively.
The south of the country remained the strongest region
with some sales indicated up to €600/t ex-works in that re-
gion, although the bulk of sales were nearer €580/t, leaving
regional assessments unchanged at €575-585/t ex-works.
Poland/Czech Republic
Domestic prices in Poland and the Czech Republic were
Argus Bitumen
North and Central Europe market commentary
assessed unchanged at €575-585/t and €545-555/t ex-works
respectively, but Polish exports to Germany were assessed
€5/t down at €550-560/t ex-works.
Russian pipeline operator Transneft said on 12 August
(see news) that crude pipeline shipments to the Czech Re-
public, notably feeding the 108,000 b/d Unipetrol refinery in
Litvinov, had resumed.
Polish bitumen exports continued to be limited, a result
of strong domestic demand and competitive prices from
other central European exporters. The issues resulting from
the shortage of truck drivers in central Europe persist, with
one Polish exporter switching from truck to train exports
into Ukraine. Delivered prices into Ukraine via train were
indicated around €600/t, while exports to Germany fell by
€5/t to €550-560/t ex-works.
Hungary/Romania/Austria/Balkans
A sharp drop in Romanian domestic prices, linked to persis-
tently weak demand and intense competition amongst sup-
pliers, helped to push down export prices to Romania from
Hungary, Poland and Serbia.
Romanian domestic prices were assessed €20/t down at
€550-560/t ex-works amid a wide range of refinery and Black
Sea terminal values, with Rompetrol understood to have cut
its prices to €544-548/t ex-works Ploiesti refinery. Polish
truck exports to Romania were assessed €17-18/t lower at
€545-555/t ex-works, while Hungarian exports to Romania
were assessed €10/t down at €555-565/t ex-works.
Serbian exports to Romania from the Nis refinery in Pan-
cevo fell most heavily, with assessments down €50/t to the
€520-530/t ex-works range. Nis was producing modest bitu-
men volumes simultaneously with petcoke output ahead of
a short late-August coker maintenance halt at Pancevo when
Hungary and Romania domestic $/t
Hungary domestic Romania domestic
700
650
600
550 hhhh
500
450
400
26 Nov 25 Feb 20 May 12 Aug
Copyright © 2022 Argus Media group Page 5 of 21
Issue 22-32  |  Friday 12 August 2022
bitumen and fuel oil production and supply is expected to
rise at the expense of diesel and petcoke (see news).
The greatest supply competition into Romania contin-
ued to come from Bulgarian - and to a slightly lesser extent
Greek - suppliers, with bitumen trucks being delivered into
the Bucharest area from Lukoil's Burgas refinery in Bulgaria
at around €540/t delivered.
Hungarian domestic prices were assessed €10/t down at
€575-585/t ex-works, partly due to slow holiday season de-
mand. Crude flows through the southern leg of the Druzhba
were quickly resumed after a brief stoppage (see news).
Market participants were concerned that a longer stoppage
would have crimped bitumen supply.
Mol started a turnaround lasting 6-8 weeks at its 161,000
b/d Szazhalombatta refinery in Hungary on 31 July, although
sources at the refinery said bitumen production and sales
would continue.
Baltics/Nordics
Bitumen truck prices from PKN Orlen’s 190,000 b/d Mazeikiai
refinery in Lithuania were unchanged for pen grades 50/70
and 70/100, remaining at €600/t ex-works, while pen
100/150 and 160/220 prices were reduced by €5/t to €630/t
ex-works.
Domestic demand across Baltic states has remained
resolute, continuing to limit availability for exports, although
activity and demand in some Scandinavian markets has
been cut during the summer holiday period. Operations and
requirements were set to resume from mid-August.
Baltic cargo premiums to fob Rotterdam HSFO barges
were assessed unchanged at $25-30 on a fob basis. The 5,897
dwt Iver Action was set to arrive at Gothenburg, Sweden,
with a bitumen cargo loaded at Klaipeda, Lithuania, on 25
July.
The 6,384 dwt Bithav was scheduled to arrive at Hafnarf-
jordur, Iceland, on 14 August after loading at ExxonMobil’s
236,000 b/d refinery in Port Jerome, northern France. This
was the third bitumen cargo delivered into Iceland this year,
the previous two arriving in May and July.
The 5,900 dwt Acacia Rubra was loading a cargo at the
Russian Baltic port of Lomonosov on 12 August, while the
5,895 dwt The Deputy made its way toward Lomonosov for
13 August arrival there to load up a fresh cargo for export to
a a northern European location, having delivered into Pori,
Finland, on 10-11 August. The 9,230 dwt Asphalt Carrier was
set to arrive at St Petersburg on 13 August after making a
delivery into Oxelosund, Sweden.
Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Mediterranean market commentary

Summary Mediterranean price index $/t

Mediterranean cargo prices edged higher amid a sharp crude Low High ±
rebound during the week ending 12 August, although re-
Mediterranean fob (Augusta) 455.47 459.80 +7.65
gional high-sulphur fuel oil (HSFO) gains were modest, while
Differential to HSFO -8.33 -4.00 -2.50
some bitumen cargo differentials to HSFO slipped.
Greek cargo assessments fell by $5/t to around flat to
fob Mediterranean HSFO cargoes amid a steady stream of Mediterranean bitumen prices, 6-12 Aug
regular sized cargo export shipments from both Aspropyrgos Local currency/t $/t
and Agio Theodori, while Italian export values were assessed Low High ± Low High ±
$2-3/t down at around $5/t fob premiums to regional HSFO Domestic prices, ex-works
prices. The declines were linked to lacklustre east Medi- Italy, including tax 545 555 nc 558 569 +2.50
terranean and Black Sea demand, as well as high bitumen Southern France (delivered) 585 595 -10.00 599 610 -7.50
output from refineries running at high rates to maximise Northeast Spain 560 570 nc 574 584 +2.50

gasoline and diesel production. Southwest Spain 560 570 nc 574 584 +2.50
Izmit, Turkey 8,446 8,446 -622.00 472 472 -34.00
Turkish cargoes were also assessed stayed $2-3/t down at
Izmir, Turkey 8,446 8,446 -622.00 472 472 -34.00
around $5/t discounts to fob Mediterranean HSFO cargoes.
Batman, Turkey 8,446 8,446 -622.00 472 472 -34.00
While westbound transatlantic cargo shipments contin- Kirikkale, Turkey 8,446 8,446 -622.00 472 472 -34.00
ued to make their way from the Mediterranean, trading and Export prices, fob $/t Differential to HSFO
supply firms were encouraged by a renewed widening in the Italy +3.00 +7.00 -2.50 466.80 470.80 +7.65
price premium for fob Rotterdam HSFO barges to fob Medi- Greece -2.00 +2.00 -5.00 461.80 465.80 +5.15
terranean HSFO cargoes. Argus assessments during the week Spain +5.00 +10.00 nc 468.80 473.80 +10.15
ending 12 August showed that gap widening to around $20/t Turkey -7.00 -3.00 -2.50 456.80 460.80 +7.65

from $9/t in the previous week. Delivered cargo prices, cfr

Alexandria, Egypt 513.00 523.00 +10.00
The 14,953 dwt Palanca Cadiz was delivering a cargo it
Gebze-Mersin, Turkey 511 521 +10.00
loaded at Taranto, Italy, in late July into Newport, Wales,
Ghazaouet, Algeria 508 518 +16.00
and Belfast in Northern Ireland on 9-11 August. The 14,786 Rades, Tunisia 514 524 +13.00
dwt T Adalyn was on 12 August in the process of discharging Economics Mid ±
a part-cargo into Eastham, northwest England, after a 10-11 Bitumen’s value as a fuel oil blendstock 360.331 +24.46
August delivery into Dublin, Ireland, with the vessel having
been loaded in late July at Tupras' Izmit export terminal in
Turkey. Crude and refined products, 6-12 Aug
The latest westbound transatlantic movement was on Low High Average ±

board the 45,986 dwt Bitu Atlantic that was loaded at Aliaga, Fuel oil 3.5% 0.998 fob 445.75 489.25 463.800 +10.15
Urals Med Aframax 76.73 80.09 +0.19
Iran Heavy fob Sidi Kerir 90.31 93.37 -0.56
Italy domestic and Mediterranean HSFO fob cargoes $/t VGO 0.5% west Med cif $/t 759.75 790.50 -31.50

Italy domestic HSFO Med

700
Mediterranean cargo freight rates $/t
Low High ±
600
Augusta-Mohammedia 74 77 nc
Tarragona-Mohammedia 49 52 nc
500 Augusta-Alexandria 58 61 nc
Augusta-Tunis-Rades 42 45 nc

400 Livorno-Tunis-Rades 45 48 nc
Tarragona-Gazaouet 36 39 nc
Aspropyrgos-Corinth-Agio Theodori-Gebze-
300 47 50 nc
Mersin
26 Nov 25 Feb 20 May 12 Aug Aspropyrgos-Corinth-Agio Theodori-Alexandria 49 52 nc

Copyright © 2022 Argus Media group Page 6 of 21

Argus Bitumen
Mediterranean market commentary
Turkey, and - after a part-discharge into Cadiz, Spain, was
scheduled to deliver into Marcus Hook, Pennsylvania, on the
US east coast on 17 August.
While cross-Mediterranean freight rates remained high
amid extremely tight availability of spot vessels, a sec-
ond regular-sized bitumen tanker was being added to the
regional fleet. The 6,300 dwt Cumhuriyet, recently renamed
after its sale - to Turkish refinery Tupras, although that
transaction had yet to be confirmed - arrived from Singapore
at Tupras' Aliaga terminal on 12 August ahead of anticipated
regional business. The tanker had from September 2017 until
30 June 2022 been named the Ocean Angel, where it had
been utilised on Asia-Pacific routes.
The tanker's arrival followed that of the 8,125 dwt Da
Wei Shan, under time charter with an international trading
firm that also sailed from Singapore and was since 8 August
waiting at Agio Theodori, Greece, to load. Regional market
participants expected the ship, at least for the time being,
to operate within the Mediterranean.
Algeria/Morocco/Tunisia
There was no clear indication yet that Spain-Algeria trade
can resume after a halt since mid-June caused by a political
dispute, with the country relying on cargo imports from Italy
and Greece.
While Algerian banking authorities had informed local
firms that they would once again finance import transac-
tions, there has been no official governmental announce-
ment yet that such flows can resume.
Algerian construction activity has slowed during August
partly because of the summer holiday period, but mainly
because of high temperatures that especially in the south-
ern half of the country means a halt or slowdown in project
work. One market participant estimated that August bitu-
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Issue 22-32  |  Friday 12 August 2022
men consumption was around 60,000t, 15,000-20,000t down
on July volumes, before an anticipated rebound in Septem-
ber when cooler temperatures are expected.
The 6,180 dwt Iver Balance delivered a cargo, loaded at
Agio Theodori, Greece, into an Algerian private firm's Oran
terminal in western Algeria, on 5-6 August.
The The 4,999 dwt Ras Tomb also made a two part
discharge, making deliveries into Mostaganem and Algiers
in Algeria, while its Sonatrach-owned sister ship, the 4,999
dwt Ain Zeft moved an Augusta, Sicily, cargo to Bejaia for 14
August arrival.
The 7,499 dwt Iver Ambassador made a delivery into Mo-
hammedia, Morocco, on 9 August, having also been loaded
at Augusta. The 6,586 dwt Iver Bitumen discharged a part-
cargo into Sousse, Tunisia, after making its first delivery into
Tripoli, Libya, having also been loaded at Augusta.
Egypt
With state-owned EGPC having awarded just four 5,000-
6,000t import cargoes into Alexandria under its September
tender, the relative lack of Egyptian requirements was a
factor weighing on market fundamentals, especially in the
eastern Mediterranean.
The 6,065 dwt Fuji Lava moved the latest import cargo
into Alexandria, arriving on 9 August after loading at Mersin,
Turkey.
There was no indication yet of a fresh EGPC tender for
September imports, with market participants expecting it to
be issued in the week commencing 15 August.
Spain/Portugal
Spanish cargo premiums to fob Mediterranean HSFO cargoes
held steady in an assessed $5-10/t fob range, with transat-
lantic and north European markets remaining attractive even
as west African rainy season limits flows to that region while
Spain to Algeria trade was still suspended.
Domestic truck prices in Spain were assessed unchanged
at €560-570/t ex-works after a €25/t downward assessment
in the previous week ending 5 August to reflect monthly
price declines versus July.
The 7,066 dwt Herbania moved a cargo from Huelva,
Spain, to Leixoes, Portugal and into Gijon, Spain, discharging
11-12 August in the latter terminal, while the 8,353 dwt Cas-
tillo de Pambre was set to arrive at Mohammedia, Morocco,
on 14 August with a cargo loaded at Tarragona, Spain.
Italy
Domestic truck prices were assessed unchanged at €545-
Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Mediterranean market commentary

555/t ex-works, including the local €31/t tax on the sales of
road paving grades, with standard polymer-modified bitumen
(PMB) grades indicated at €130-140/t premiums to road pav-
ing penetration grades.
Truck exports into neighbouring countries like Slovenia,
Croatia and southern France – not subject to the domestic
€31/t tax – were indicated around €510/t ex-works. Truck ex-
port volumes have started to fall as consumption in import-
ing markets has slowed during the summer holiday period
before an anticipated rebound in September.
Export cargoes were assessed at fob premiums of around
$5/t to regional HSFO cargoes, $2-3/t down, with some
regional buyers reported offers to them the flat to +$5/t fob
Italy range. .
The 6,180 dwt Iver Balance was scheduled expected to
make a delivery into to Oristano, Sardinia, after loading at
the Eni refinery at Taranto. The firm's Livorno refinery is not
expected by regional market participants to resume produc-
tion and cargo exports before September, with the facility in
start-up and stock replenishment mode since it was restart-
ed on 31 July.
Greece
A steady stream of Greek export cargoes from both Hellenic
Petroleum's Aspropyrgos refinery and Motor Oil Hellas' Agio
Theodori refinery helped to push down assessed cargo dif-
ferentials by $2-3/t to around flat to fob Mediterranean HSFO
cargoes.
The new price was equivalent to $472/t, represented a
decrease of TL622/t ($34), as the firm continues to battle
fierce competition from much cheaper cross-border imports
of Iraqi bitumen.
That competition, which sees a large chunk of Iraqi bitu-
men accumulated as export cargoes via Mersin, southern
Turkey, as well as occasional cargoes out of the Black Sea
port of Trabzon, helped to further drive down Turkish export
cargo assessments by $2-3/t to around minus $5/t fob, with
Tupras cargoes trading at substantially higher values than
non-Tupras volumes.
There were Turkish bitumen deliveries into Galati,
Romania, aboard the 4,999 dwt Sunpower and into Alexan-
dria, Egypt, aboard the 6,065 dwt Fuji Lava. The former was
loaded at Izmit and the latter at Mersin.
The 36,900 dwt Star River arrived at the Tupras export
terminal at Aliaga on 8 August to load a fresh cargo after
its previous Aliaga-loading cargo was delivered into US east
coast destinations.
France: North vs South $/t
Northern France Southern France
700
650
600

The 4,881 dwt Starpower moved the latest in a string of hhhh

550
such cargoes, with the vessel having loaded at Agio Theodori
and scheduled for 15 August delivery into Mohammedia,
500
Morocco. Hellenic Petroleum, which exported five 4,000t
cargoes during July, compared with one or two per month
450
previously - is to load a 20-25 August cargo under a sell ten-
26 Nov 25 Feb 20 May 12 Aug
der understood to have been won by a Romanian importer.

Turkey
On the domestic truck market, Tupras’ posted prices fell to
TL8,446/t ex-works from its four refineries at Izmit, Izmir,
Kirikkale and Batman with effect from 11 August.

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Argus Bitumen Issue 22-32  |  Friday 12 August 2022

SUB-SAHaRAN africa market commentary

Summary Sub-Saharan Africa bitumen prices, 6-12 Aug

Price trends were firmer, with east African import values Local currency/t $/t
pushed up by Iranian export price gains, while west African Low High ± Low High ±
import values edged higher and South African truck prices Domestic prices, ex-works
rose amid another spike in crude and fuel oil prices. South Africa 15,000 15,500 +500.00 910 940 +40.00
Construction activity was subdued in many parts of Import/export prices $/t
sub-Saharan Africa, especially in Kenya during its general Ivory Coast, fob Abidjan (export, cargo) 563.80 568.80 +10.15
election week and across west Africa in the midst of its rainy Nigeria, cfr Lagos (import cargo) 649.00 659.00 +15.00
season. Ghana, cfr Takoradi-Tema (import, cargo) 604 614 +15.00
The US launched a new strategy for sub-Saharan Africa Kenya, cfr Mombasa (import, drums) 493.00 503.00 +13.00
aimed at forging closer ties with African nations to counter Tanzania, cfr Dar es Salaam (import, drums) 498 508 +13.00
the growing influence on the continent of Russia and China.
Secretary of state Antony Blinken launched the strategy dur- Africa freight rates $/t
ing a visit to South Africa, before continuing to the Demo- Low High ±
cratic Republic of Congo (DRC) and then Rwanda, where he Abidjan-Lagos-Warri-Port Harcourt (cargo) 58 62 nc
was to conclude his African tour 13 August (see news).
Abidjan-Takoradi-Tema (cargo) 37 41 nc
Under a new foreign policy, the US has committed to
Tarragona-Lagos-Warri-Port Harcourt (cargo) 200 205 nc
promoting stability in countries where it views conditions
Bandar Abbas/Jebel Ali-Mombasa (drums) 105 110 nc
as being ripe for conflict, such as Mozambique and the west
Bandar Abbas/Jebel Ali-Dar es Salaam (drums) 110 115 nc
African countries of Benin, Ivory Coast, Ghana, Guinea and
Bandar Abbas/Jebel Ali-Djibouti (drums) 165 175 nc
Togo. Thanks to bipartisan support in the US Congress, this
initiative will receive $200mn/yr in funding for the next 10
years, Blinken said.
Blinken’s visit to Africa comes after Russia's foreign minis- the south saw some of the most intense downpours, while
ter Sergei Lavrov visited Egypt, the Democratic Republic of Nigeria, Cameroon, Ghana and Ivory Coast were also heavily
Congo, Uganda and Ethiopia last month. affected during the week ending 12 August.
Cargo prices edged higher on the back of a crude and
West Africa high-sulphur fuel oil (HSFO) rally, while Spanish and Ivory
Construction activity and bitumen import requirements and Coast bitumen cargo premiums to fob Mediterranean HSFO
shipments remained at low levels during the peak of the cargoes were assessed unchanged at $5-10/t and $100-105/t
regional rainy season that saw especially heavy rainfall in a fob respectively.
swathe of countries. One cargo was making its way into the region on board
The region from Senegal to the north and Liberia to the 45,974 dwt Bitu Express, loaded at Agio Theodori,
Greece, and scheduled for 26 August arrival at the west
African terminal hub at Lome, Togo.
Tanzania, cfr Dar es Salaam drums $/t
625 Nigeria/Ivory Coast/Ghana
600 Road construction activity was heavily restricted by persis-
tent rainfall during the peak rainy season period, with just
575 one fresh cargo indicated being delivered into the country
550 during the week ending 12 August.
The 6,033 dwt Jane Asphalt was loaded at SMB's Abi-
525
djan, Ivory Coast, export terminal before arriving at Lagos,
500 Nigeria, on 12 August ahead of its usual expected delivery
into Gradient Bitumen's Warri terminal. SMB's time-chartered
475
4,900 dwt tanker San Biagio was back at Abidjan since 7
450 August ahead of a fresh cargo loading after delivering part-
26 Nov 25 Feb 20 May 12 Aug cargoes into the new Goil terminal at Tema, Ghana, and into

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Argus Bitumen
SUB-SAHaRAN africa market commentary
Lome. The 9,776 dwt Viveka returned to Lome after recent
deliveries into Nigeria and Senegal.
East Africa
Import prices rose as Iranian drummed and bulk cargo values
rebounded, partly because more optimistic noises regarding
Iran-JCPOA nuclear talks saw the rial strengthen against the
US dollar.
A spike in Iran's domestic prices for vacuum bottoms
- used as bitumen refinery feedstock in the country - dur-
ing the week commencing 8 August also helped lift Iranian
bitumen prices (see news). Drummed exports were assessed
$12-13/t firmer at $385-395/t fob Bandar Abbas, while bulk
cargoes were assessed $11-12/t up at $315-325/t fob Bandar
Abbas.
Freight rates for drummed movements from Bandar
Abbas to Mombasa, Kenya, Dar es Salaam, Tanzania, and Dji-
bouti were assessed unchanged at $105-110/t, $110-115/t and
around $170/t respectively as suppliers said neither Iranian
state-owned shipping firm IRISL nor international container
shipping companies had made any fresh changes to their di-
rect and indirect freight rates into east African destinations.
The 3,764 dwt R Ocean was still scheduled for 15 August
arrival at Skytrade Global's Mombasa, Kenya, bulk terminal,
although Kenyan construction sector activity and bitumen
trade had ground to a halt during the week ending 12 August
in the midst and in the aftermath of the country's presiden-
tial and parliamentary elections.
Kenyan market participants were hoping, after a gradual
activity and demand slowdown over the past few weeks,
that project work and supply deals will resume from the
week commencing 15 August, although much will depend
on emergence of a clear result. That was still unclear by 12
West Africa cargo cfr- Med HSFO fob cargoes
350
300
250
200
150
100
26 Nov 25 Feb 20 May 12 Aug
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Issue 22-32  |  Friday 12 August 2022
August as polling and media outlets came up with widely
varying presidential race outcomes in what was looking
like a dead heat between rival candidates Raila Odinga and
William Ruto. Kenya's Supreme Court had nullified general
election results last time in 2017 after mistakes that had
been made by the country's election authorities, forcing a
re-run of that poll.
Aside from Kenya, there was steady demand and bitumen
truck flows into Sudan, South Sudan, Uganda and Tanzania,
as well as the Democratic Republic of Congo (DRC), while
Chinese contractors working in Zambia were understood to
be looking more favourably to Iranian drummed imports via
Dar es Salaam.
Southern Africa
Regional prices rose as South African cargo importers and
refinery producers raised their August truck prices for
domestic and regional export movements, while more cargo
volumes were being delivered into Durban.
While there was further filling up regional bitumen stocks
ahead of the post-winter start of the South African bitumen-
consuming season, there were more encouraging activity
and demand signs in South Africa, as well as Zambia where
project work and bitumen requirements continue to attract
regular import flows. There were some indications, however,
that Chinese contractors working on Zambian road proj-
ects could make a greater switch away from South African
to Iranian sourced drummed bitumen, mainly via Dar es
Salaam, Tanzania, where cfr drummed prices were indicated
around $510/t compared with latest South African bulk cargo
imports around $750/t cfr basis Durban.
South Africa
Domestic truck prices were assessed Rand 500/t up at
R15,000-15,500/t ex-works after a wide range of refinery and
terminals suppliers adjusted their August supply prices.
The only South Africa refinery bitumen supply remains
from the 107,000 b/d Sasol-TotalEnergies joint venture Natref
refinery in Sasolburg, with all of the other bitumen-produc-
ing refineries in the country still in prolonged shutdowns.
While market participants said truck prices for the new
month from refinery suppliers were sharply down versus
July, the overall trend from numerous terminal supply points
was either sharply up or remaining substantially above the
refinery values.
The terminal supplies, virtually all of them imported
volumes, now make up the vast majority of South Afri-
can supplies, with local sellers having to add considerable
Argus Bitumen
SUB-SAHaRAN africa market commentary
logistics, storage and heating costs to cfr Durban/Cape Town
prices for incoming bulk tanker cargoes before selling those
volumes on to domestic and wider regional buyers and end-
use locations.
One recent import cargo was understood to have been
purchased at around $750/t (R12,138/t) cfr, before numerous
port and handling costs and costs incurred in transferring
the volumes onto waiting bitumen road tankers and bitutain-
ers or holding them at separate storage locations. A sharp
depreciation in the South African currency from R14.50 to
the US dollar in April to 17.20 in mid-July has kept cargo im-
port prices high in local currency terms, although the Rand
recovered over the past month to stand around R16.20 on 11
August.
A fresh part-cargo, understood to be around 8,500t, be-
gan discharging into Durban from 11 August, somewhat ear-
lier than had been expected by local market participants, on
board the 36,681 dwt Palanca Miami. The tanker had initially
been loaded in Singapore in early June before discharging
around 7,000t into another bitumen tanker - the 9,944 dwt
Lilstella - off Beira, Mozambique - with those volumes then
being delivered into Durban in early-July. The Palanca Miami
then delivered a second part-cargo into Campana, Argentina,
before returning to Durban on its way back to the Asia-Pa-
cific for the latest discharge operation. The 7,645 dwt Taihai
1 - itself loaded in Singapore - had only on 2 August finished
delivering 7,000t of bitumen into Durban, filling up stocks
there and at other South African storage locations during the
current winter low demand season.
Bitumen truck supply was stable from the Natref refin-
ery, still running at around 18 bitumen truck-loads (540t) per
day were being loaded for supply to customers at the refin-
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Issue 22-32  |  Friday 12 August 2022
ery, mainly standard pen 35/50, 50/70 and 70/100 grades as
well as some cutbacks.
Market participants were more optimistic however about
domestic market prospects, with milder weather seen likely
to encourage more project work and bitumen orders during
the second half of August, before the new construction sea-
son kicks off in earnest in September.
That positivity has been helped by indications, though
so far not officially confirmed, that South African National
Roads Authority (Sanral) was issuing a series of road and
highway project tenders. The move has been awaited by
market participants since Sanral cancelled a massive Rand
$17.47bn ($1.1bn) of South African road contracts in May, cit-
ing material irregularities in the previous award process.
South Africa $/t
1,000
900
800
700
600
500
26 Nov 25 Feb 20 May 12 Aug
Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Asia-Pacific and Middle East Market Commentary

Singapore Asia bitumen prices, 6-12 Aug

Local currency/t $/t
Singapore bitumen prices edged higher as the pressure from
Low High ± Low High ±
cheaper Middle East origin cargoes in the region eased this
week. The prospects of fewer spot cargoes from key refiner- Domestic prices, ex-works
South Korea 858,487 891,055 -2,453.50 659 684 nc
ies for September-loading pushed offers higher this week.
Mumbai, India 45,180 45,480 nc 569.00 573.00 -2.00
On a fob Singapore basis, a 3,000t lot was sold into two Mumbai, India
54,480 55,280 nc 686 696 -2.50
ports in Indonesia at $550/t levels this week. Offers jumped (drums)
from $560/t fob levels earlier this week to above $570/t as Thailand 21,284 24,179 -466.50 600 682 nc
Indonesia 10,750,000 10,750,000 nc 724.00 724.00 +1.00
the week closed, much due to the anticipated reduction in
Singapore 791 793 -2.50 575 576 nc
supplies. The late week jump in high-sulphur fuel oil (HSFO) Singapore-Malaysia
787 801 -5.00 572 582 -1.50
380cst prices to above $500/t fob Singapore levels also ex-ref

supported refiners’ efforts to maintain the current strong Japan 113,513 121,619 nc 846 907 -6.00
East China 4,680 4,730 +5.00 693 701 +0.50
margins, although the fall in spot volumes bolstered this
South China 4,820 4,860 +25.00 714 720 +3.50
week’s closing prices. Waterborne, fob
Buyers were limited from the region, with much of Iran 315 325 +11.50
Vietnam still digesting high stocks or facing the rainy season. Iran (drums) 385 395 +12.50
Bahrain 173 173 nc 460 460 nc
Some enquiries were seen, but they were not firm enough to
Singapore 757 784 +4.00 550.00 570.00 +5.00
spark serious talks with sellers. But buyers in Indonesia con- Singapore (drums) 908 936 -3.00 660 680 nc
tinued to purchase or seek cargoes this week, with buying Thailand 18,446 19,156 +157.00 520 540 +15.00
indications ranging between $540-555/t or higher levels. South Korea 677,410 703,464 +24,190.50 520.00 540.00 +20.00
Taiwan 16,343 16,643 +359.00 545 555 +12.50
On the Argus Open Markets (AOM) screen, Puma bid for
Waterborne, cfr
a 4,000t lot to be loaded from 1-10 September at $570/t fob
North China coast 3,746 3,915 +168.50 555 580 +25.00
Singapore. East China coast 3,881 3,949 +33.50 575.00 585.00 +5.00
Volumes sold from Singapore in tank trucks into Malaysia South China coast 4,219 4,286 +84.00 625 635 +12.50
traded at $572-582/t ex-refinery. The market moved mostly Northern Vietnam (drums) 490 730 +16.00
Southern Vietnam (drums) 480 720 +16.00
sideways compared with the previous week. Trading was
Economics Mid ±
slow due to relatively weak domestic demand. Bitumen’s value as fuel oil blendstock, Singapore 432.068 +20.11

Malaysia Asian Bitumen Price Index

Domestic consumption in Malaysia was centred in the Klang Index ±
Valley, while activity was mostly muted in the other regions. ABX 1 fob Singapore 560.00 +5.00
Some consumption was seen in the Pahang province due to ABX 2 fob South Korea 530.00 +20.00
an ongoing highway project.
Monthly Average (contract)
Contract Jul 22 Jun 22
Singapore pen 60/70 and HSFO cargoes $/t
ABX 1 583.00 596.88
ABX 2 529.00 568.75
Singapore pen 60/70 waterborne
Singapore HSFO 180cst
800 Fob Mideast Gulf Price
Low High ±
700 Mideast Gulf fob ($/t) 320.00 460.00 +5.50

600
hh Crude and refined products, 6-12 Aug
500 Low High ±

Dubai fob Dubai $/bl 94.15 98.08 -0.57

400 Banoco Arab Medium $/bl 99.04 103.88 -0.35
Fuel oil HS 180cst fob Singapore $/t 486.50 544.75 +12.25
300 Fuel oil HS 380cst fob Singapore $/t 461.25 528.75 +23.50
26 Nov 25 Feb 20 May 12 Aug Gasoil 0.5% fob Singapore $/bl 116.30 130.35 -2.65

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Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Asia-Pacific and Middle East Market Commentary

Malacca’s listed ex-works price decreased by 50 ringgit/t Bitumen freight, 6-12 Aug $/t
($11.25/t) to 2,760-2,810 ringgit/t on 12 August from 2,810- Singapore-east Australia 145 155 +2.50
2,860 ringgit/t. Ex-works prices in Prai were unchanged at Singapore-west Australia 95 105 +2.50
2,910-2,970 ringgit/t. The wide price spread between the Singapore-Gresik, Indonesia 40 43 -1.00
two regions continued to push northern Malaysia-based deal- Singapore-north Vietnam 65 70 nc

ers to take cargoes from Malacca for delivery in the north. Singapore-south Vietnam 40 50 nc

Delivered prices to north Malaysia from Malacca were at Singapore-south China 70 75 nc

Singapore-east China 80 85 nc
around 2,830-2850 ringgit/t this week. Some dealers in the
Thailand-south China 70 75 nc
north also lifted volumes from Singapore via tank trucks as
Thailand-east China 80 85 nc
the delivered prices, including the transport charges, were
Thailand-east Australia 140 150 +2.50
lower that the Prai listed prices.
Thailand-west Australia 95 105 +2.50
Delivered prices in Johor from Singapore were at 2,690 Taiwan-Ho Chi Minh, Vietnam 55 60 nc
ringgit/t this week. Taiwan-Haiphong, Vietnam 45 50 nc
A key seller offered tank trucks from Tanjung Langsat at South Korea-east China 40 45 +5.00
around $580/t ex-tank. On the other hand, higher supply of South China-Haiphong, Vietnam 35 40 nc
cheap Middle East origin cargoes into Malaysia continued to
also pressure domestic prices this week.
Singapore tank trucks were sold into Malaysia at $572- mated to be 15,000t, are being produced from around three
582/t ex-refinery, but the volume was still below the levels refineries as production rates have risen in the recent weeks
sold usually. following the fall in energy values. But whether this trend is
expected to last or not, will be largely contingent on crude
Indonesia and HSFO prices in the coming weeks.
Demand in Indonesia remained firm due to the ongoing
maintenance works across the region, especially in Java and Vietnam
Sumatra. Demand for imported cargoes into the Sulawesi This key consumption market was muted because heavy
region also supported regional pricing this week. monsoon rain that started in July disrupted roadworks. This
Demand from Indonesia may see further increase through is expected to persist until September.
September ahead of the peak paving season anticipated But a post-monsoon demand rebound in September may
from October. Road contractors fulfilling short term tenders be complicated by some Vietnam-based suppliers facing
tend to complete projects right before the end of the year. relatively large inventories, participants said, potentially
A 3,000t Singapore origin cargo was sold into Sulawesi at suggesting that firmer demand may take place no earlier
around $550/t on fob basis this week. than mid-September.
But discussions for September-delivery cargoes were Domestic prices for bitumen in south Vietnam are around
slightly lower as many traders had concluded purchases for 14,800 dong/kg, which equates to around $598/t on an im-
Singapore origin cargoes in the past two months and were at port parity basis for delivered seaborne cargoes. The inflow
the market sidelines. Availability of vessels remained limited of cheaper cargoes from the Mideast Gulf have recently
in the region. dampened Vietnamese price ideas.
Some Middle East origin bulk cargoes were offered at
$540-570/t cfr to different destinations in Indonesia, but no South Korea
deals emerged. A key South Korean refinery this week sold at least five
September-loading 5,000t cargoes at a premium of around
Thailand $65-70/t to prevailing HSFO prices, significantly higher than
In Thailand, prices firmed as regional traders purchased car- another export tender from a fellow refinery last week.
goes to re-export into the region. One deal was concluded The diversion of more south Chinese buyers to seek
for a 4,000t lot at about $540/t fob Thailand to be loaded in South Korean material instead of their usual source Singa-
September. The cargo was sold into south Vietnam. pore may have offered the impetus for the spike in the ABX
A Thai refiner sold a cargo in the early $500s/t fob Thai- 2, which was assessed on 12 August at $530/t fob basis, up
land this week to a key regional trader. Excess volumes, esti- by $20/t from $510/t on 5 August.

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Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Asia-Pacific and Middle East Market Commentary

Taiwan Australia import cargo prices, 6-12 Aug $/t

Taiwanese prices gained as some regional buyers turned to Low High ±
the island to cover short positions that was partly the result
Thailand fob (Class 170) 570 580 +2.00
of logistical difficulties in procuring Singapore material. But
Thailand fob (Class 320) 575 585 +2.00
spot cargoes from Taiwan remain limited, which gave prices
Singapore fob (Class 170) 573 583 +2.00
a further boost.
Singapore fob (Class 320) 575 585 +2.00

China
Domestic prices in the largest consumption market China Mideast Gulf to India freight rates $/t
Low High ±
extended a recent rally, although the pace slowed in east
China as ex-works prices there inched up by just 5 yuan/t Bandar Abbas/ Nhava Sheva (drums) 30 40 nc
(74¢/t) against 5 August, compared with around Yn25/t for Bandar Abbas/ Mundra (drums) 30 40 nc
other regions. Bandar Abbas/ Haldia (drums) 65 75 nc
Chinese prices have gained recently as more infrastruc- Bandar Abbas/ Mundra (bulk) 80 90 nc
ture supporting funds trickle into road budgets, but the pace Bandar Abbas/ Karwar (bulk) 85 95 +10.00
of disbursement has differed in some regions because of Bandar Abbas/ Kakinada (bulk) 110 120 +5.00
unpredictable Covid-19 restrictions and financial difficulties
Bandar Abbas/ Haldia (bulk) 120 130 +5.00
faced by some local governments.
Gains in ex-works prices in south China to around
Yn4,840/t on 12 August from Yn4,815/t should theoretically
support more enquiries from traditional import source Singa- nificantly below the minimum 50pc that is typically expected
pore. But most of the enquiries out of this region this week during this time of the year. But China’s bitumen producers’
have been diverted to South Korea instead because many throughput levels remain significantly below year-earlier
south Chinese buyers are struggling to find available vessels levels, potentially because of relatively poor demand for oil
to collect cargoes from southeast Asia. The freight shortfall products. This has resulted in more Chinese buyers seeking
in this region was triggered by vessels diverted to the Middle seaborne cargoes.
East and also because of time-charters by large Singapore
suppliers, participants said. Australia & New Zealand
Firmer Chinese domestic prices are also the result of a Demand from Australia is expected to resurface in the com-
supply-demand imbalance as the country’s road paving sea- ing weeks ahead of the summer paving season expected
son starts in earnest. Inventory levels in China are estimated from the late last quarter of the year.
by participants to be around 20-30pc of capacity levels, sig- Australia has seen an unusually slow consumption this
year due to incessant rains in key parts of the eastern shore-
line. States like Queensland, New South Wales and Victoria
Delivered cargoes: North and South China $/t have witnessed persistent weather issues throughout the
late summer and autumn since early 2022. Rains and floods
North China South China in places like Brisbane persisted through the year, adding
650
to the pressure of completion of roadworks projects. This,
600 coupled with the steep jumps in bitumen to eight year highs
seen earlier this year, further eroded on margins.
550
Hence, as the country emerges from its winter season
500 the regional sellers were waiting to see if one of the key
hhhh
import markets would continue to meet expectations or
450 not. Australia is known to import about 900,000t of bitumen
every year.
400

350 Bahrain
26 Nov 25 Feb 20 May 12 Aug Seaborne bitumen prices fob Sitra basis were unchanged

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Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Asia-Pacific and Middle East Market Commentary

Iranian export sales through the IME, 6-11 Aug

Grade Seller Packing Destination
Pen 60/70 Oxin Tejarat 85,803 Bulk 4,000 Export by ship fob Bandar Abbas
Pen Ac40 Negin Siah Azerbaijan 85,810 Bulk 4,000 Export by ship fob Bandar Abbas
Pen 85/100 AC30 Spadana Ghir Pasargad 101,285 Drum 9,000 Export by ship fob Bandar Abbas
Pen 60/70 Petro Ghir Ajand 85,803 Drum 6,500 Export by truck ex-Esfahan
Pen 60/70 Hormozan Oil 91,083 Bulk 11,000 Export by ship fob Bandar Abbas
Pen 60/70 Shimi Tejarat 96,124 Drum 700 Export by truck ex-Esfahan
Pen 60/70 White Gold 101,285 Bulk 5,000 Export by ship fob Bandar Abbas
Pen 60/70 Azar Dvam Yull 85,803 Bulk 3,400 Export by truck ex-Uromieh
Pen 60/70 Asia Palayesh Aras 85,803 Bulk 1,000 Export by truck ex-Aras
Pen 60/70 Siah Fam 90,964 Bulk 1,750 Export by ship fob Bandar Abbas
Pen 60/70 Ghir Hormozgan 80,592 Bulk 3,500 Export by ship fob Bandar Abbas
Pen 60/70 RK Refining 85,803 Bulk 500 Export by truck ex-Tabriz
Pen 60/70 Petro Kala Hegmatan 91,083 Bulk 4,000 Export by ship fob Bandar Abbas

at $460/t. Prospective buyers of Bahrain material remain prompt activity have encouraged some to expect Middle-
distracted by competitive offers from other Middle East east export prices to fall. This has encouraged a cautious
origins, keeping enquiries thin. But Bahrain output remains stance by some prospective Indian buyers.
unseasonably low, which offset weaker demand. Producers Domestic listed prices in India that were reduced last
here have not been enthusiastic on higher output because week are set to face further cuts ahead, and this has also
refinery margins continue to favour fuel oil production encouraged some importers to take to the market sidelines
rather than bitumen. as they wait for clarity on India’s arbitrage window for
imports. Some importers are expected to justify steeper
India bargains by pointing towards cheaper domestic alternatives.
Activity from this key consumption market was thin because
road paving has been curtailed by the monsoon rains which Iran
are expected to recede by September. Prices firmed this week with higher vacuum bottom (VB)
Parts of central India are forecast by the country’s feed prices. But trading activities remained thin thanks to
weather bureau to face heavy rainfall over the next five religious holidays. Most suppliers were on a wait-and-see
days. India-based participants should theoretically be seek- stance and didn’t offer any cargoes on the IME until 10
ing seaborne cargoes loading from mid-September for the August. High fluctuations of the exchange rate and in crude
expected post-monsoon demand season, but relatively high oil prices also caused most buyers to withdraw from trading
inventory levels yet to be drawn down because of weaker this week.
Trading was weak with only a few cargoes sold early this
week based on previous stocks at $305/t fob. Bulk cargoes
India domestic v drum $/t
were offered at $324-330/t fob Bandar Abbas with one deal
Mumbai drums Mumbai domestic concluded at $318/t fob at the week’s close.
850 No fresh cargoes were offered from Bandar Imam Khome-
800 nei (BIK) port, while players expect to sell at a $15-20/t
discount versus fob Bandar Abbas prices.
750
Exports to Pakistan are ongoing but prices rebounded by
700 4,000 rials/kg week-on-week and bulk cargoes were offered
650 at 99,000-101,000 rials/kg ex-Esfahan. Truck freight re-
mained steady at 12,000 rials/kg ex-Esfahan to Taftan border
600
point and 9,000 rial/kg to Rimdan, Pishin border point.
550 A supplier purchased three vessel size cargoes in total
500 7,000t bulk of VG40 at $305/t fob Bandar Abbas on prompt
26 Nov 25 Feb 20 May 12 Aug delivery basis early this week.

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Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Asia-Pacific and Middle East Market Commentary

Demand remained healthy from China. Iranian Vacuum Bottom prices from NIOC*, 6-11 Aug
Demand for drums slowed, while buyers looked at low Refinery Volume t Rials/kg $/t
priced cargoes from previous stocks. Most suppliers hesi- Low High Low High
tated to sell cargoes below $390-395/t fob at the end of the Bandar Abbas 40,000 95,000 95,100 341 341
week. Esfahan 10,000 90,600 90,700 325 325
Shiraz 10,000 88,500 88,600 317 318
Drum prices climbed up and were in a wide range at
Tehran 15,000 83,700 84,000 300 301
$385-420/t fob this week for different target markets and on Tabriz 8,000 88,700 89,000 318 319
payment terms basis. Abadan 15,000 83,700 83,700 300 300
Arak 10,000 88,300 88,400 316 317
Bids were at $385-390/t cfr Kandla/Mundra due to an
* Exclusive of the 9pc tax for domestic sales and 14pc duty for export sales
anticipated sharp fall in local prices.
Demand was subdued in east Africa after elections on
9 August in Kenya. Trading is expected to firm again in Iranian domestic sales through the IME, 6-11 Aug
Grade Volume t Price rials/kg
September, while demand has also surfaced from Tanzania
60/70 701 93,875-94,000
recently.
85/100 19 94,000
A total 10,000t drum cargo was sold at an average of
Emulsion no supply
$385-395/t fob on 50pc cash in advance early this week for PG6422-PG6416 1,850 92,690-99,076
end of August delivery. A 5,000t drum cargo was sold at MC250 50 165,000

$395/t fob to west Africa for end-August delivery. A total

4,000t non-embossed drum cargo of pen 60/70 and 85/100
was sold at $385-387/t fob to India for cash payment early
this week. A supplier sold 2,000t embossed drum cargoes at
$385/t fob before competition.
Buying activities halted for jumbo bags amid hikes in
prices. There were offers at $385-395/t fob, up by $30/t
week-on-week, but no deals closed. Bids were at $360-370/t
fob.
Iraqi suppliers saw prices inching up and cargoes were
sold at $350-355/t fob this week. Players expect to get more
enquires at the current level due to hikes in Iranian prices.
At least 5,000t of drum cargo was sold at $355/t fob to India.
On the IME, main producers didn’t supply this week. Pas-
argad Oil announced it will supply bulk cargo of pen 60/70
at 97,750 rials/kg ($326/t) ex-Bandar Abbas on 13 August. It
will also supply drums at 112,750 rials/kg ($376/t) ex-Bandar
Abbas excluding THC and inspection charges.
Pasargad Oil will also supply 5,000t of pen 60/70 at
90,400 rials/kg ($301/t) ex-Abadan for shipping at BIK port
and will also supply bulk cargoes ex-Rak, Tehran and Tabriz.
Jey Oil will supply 10,000t of AC40 in bulk at 101,000 rials/
kg ($336/t) ex-Bandar Abbas. It will also offer 7,000t of pen
60/70 at 109,000 rials/kg ($363/t) ex-Esfahan and 10,000t
of pen 60/70 in bulk was sold at 92,000 rials/kg ($307/t) ex-
Esfahan.
Iran local market
The Oil Refining Industry Association (Orica) raised VB feed
prices by 4.78pc in its revision on 9 August. VB feed prices
were announced at 87,900 rial/kg, up by 4,000 rials/kg
($13.3/t) ex-Bandar Abbas and Shiraz refineries. VB feed was
offered at 83,700 rials/kg, up by 3,800 rial/kg for other re-
fineries, while strong buying interest pushed prices to higher
levels this week.
Demand outstripped supply and a total 108,000t VB feed
was supplied and sold by refineries, while around 178,000t
demand was registered this week. All refineries except
Abadan sold VB feed higher than original offers.
Bandar Abbas refinery sold 40,000t of VB feed at an
average of 95,099 rials/kg, up by 2,539 rials/kg ($8/t) week-
on-week. Tehran Refinery sold 15,000t of VB feed at 83,832
rials/kg this week. Tabriz Refinery sold 8,000t VB feed at
88,799 rials/kg. Abadan Refinery sold 15,000t VB feed at
83,700 rials/kg, up by 3,800 rials/kg. Esfahan Refinery sold
10,000t VB feed at 90,673 rials/kg this week. Shiraz Refin-
ery sold 10,000t VB at 88,520 rials/kg. Arak Refinery sold
10,000t VB feed at average 88,350 rials/kg.
Prices are expected to increase in the coming week fol-
lowing higher VB feed prices. Producers sold 2,620t bitumen
at 92,690-165,000 rials/kg this week.

Copyright © 2022 Argus Media group Page 16 of 21

Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Vessel tracking indications

Bitumen freight movements

Vessel name Owner Tonnage Loading port Discharge port Current position ETA

Wisby Tankers - Operated by Newport & Belfast,

Palanca Cadiz 14,953 Taranto Irish Sea 9-Aug
Trafigura UK

Iver Brilliant Iver Ships BV 6,239 Rotterdam Thames, UK North Sea 7-Aug

Stella Maris Theodora Tankers BV 4,531 Netherlands Eastham, UK English Channel 13-Aug

Hafnarfjordur,
Bithav Cassiopeia 6,384 Port Jerome North Atlantic 14-Aug
Iceland
Lexios, Portugal &
Herbania DMG 7,066 Huelva North Atlantic 9-Aug
Gijon, Spain

Asphalt Synergy Vitol 36,950 Agio Theodori Antwerp, Belgium North Atlantic 13-Aug

Atlantic Asphalt FORTUNE LIWAN SHIPPING LTD 17,764 Agio Theodori Baltimore, US Chesapeake Bay 11-Aug

Mohammedia,
Starpower Queensway Navigation 4,881 Agio Theodori Med 15-Aug
Morocco
Mohammedia,
Iver Ambassador Iver Ships BV 7,499 Augusta North Atlantic 9-Aug
Morocco
Tripoli, Libya &
Iver Bitumen Iver Ships BV 6,586 Augusta Med 6-Aug
Sousse, Tunisia

Iver Balance Iver Ships BV 6,180 Agio Theodori Oran, Algeria Med 5-Aug

Mostaganem &
Ras Tomb HYPROC SHIPPING CO 4,999 Augusta Med 10-Aug
Algiers, Algeria

Sunpower Queensway Navigation 4,999 Izmit Galati, Romania Black Sea 12-Aug

Fuji Lava Asphaltos 6,065 Mersin Alexandria, Egypt Med 9-Aug

Cadiz, Spain &

Bitu Atlantic Eres 45,986 Aliaga North Atlantic 17-Aug
Marcus Hook, US

The Blacksmith Puma 30,100 Izmir Baltimore, US Chesapeake Bay 10-Aug

Jane Asphalt Arkville Corp 6,033 Abidjan Lagos, Nigeria WAF 13-Aug

Bitu Express Pickett shipping corp 45,974 Agio Theodori Lome, Togo Med 27-Aug

Asphalt Express Richmond 6,854 Tanjung Langsat Mina Saqr, UAE Mina Saqr 12-Aug

Asphalt Honor HK SEA STAR INT'L ENERGY CO 46,178 Al Fujayrah Ningbo, China Iran Gulf 3-Sep

Bitumen Shouri Kallex 3,638 Singapore Malaysia Malacca Strait 14-Aug

Black Pearl National Bitumen Corporation 6,920 Ulsan Fujairah, UAE South East Asia 24-Aug

FANGCHENGGANG SOUTHWEST
Da Tai Shan 7,843 Singapore Ningbo, China Vietnam 17-Aug
MARITIME LTD

Global Lady Hakushin Panama 5,250 UAE Indonesia Malacca Strait 18-Aug

Banjarmasin,
Harapan Baru Nippon Gas Line 6,067 Singapore Indonesia 12-Aug
Indonesia

Janesia Asphalt IV Leo Ocean Pte Ltd 4,318 Rayong Haikou, China Vietnam 14-Aug

Janesia Asphalt V Leo Ocean Pte Ltd 6,057 Singapore Java, Indonesia Indonesia 12-Aug

JS Jiangyin Jisung Shipping Co., Ltd. 7,507 Ulsan Shanghai, China Shanghai Province 14-Aug

Kang Hua Wan Cosco 7,651 Singapore Qinzhou, China Vietnam 15-Aug

Botany Bay, Aus-

Lotstella Lotstella Shipping HK Ltd 7,980 Singapore Pasir Layran 22-Aug
tralia

Copyright © 2022 Argus Media group Page 17 of 21

Argus Bitumen
News
Vessel shortfall pushes China buyers to eye SK
Some traditional buyers of Singapore bitumen from south
China — a key consumption region — are eyeing South Korean
product because of tight vessel availability out of certain
southeast Asian export origins. This could potentially narrow
the price spread between the two leading Asia-Pacific bitu-
men exporters.
Argus assessed freight rates for 3,000-5,000t bitumen
tankers heading from Singapore and Thailand to south China
at $72.50/t on 5 August, up by $7.50/t from the previous as-
sessments on 29 July. The latest Argus-assessed freight rates
for the other major Asia-Pacific seaborne route of South Ko-
rea to east China were steady at $37.50/t. Freight rates have
remained broadly stable in recent months, seldom moving by
more than $2.50/t in any week, meaning that the extent of
the latest freight cost increases for vessels from southeast
Asia is unusual.
Availability of bitumen vessels out of southeast Asia for
August-September delivery has tightened recently as more
ships are diverted to cover the comparatively active Middle
East-origin trade routes, market participants said. This has
been exacerbated by a series of time charters by some
Singapore-based producers, which is frustrating certain
south China bitumen importers in need of vessels. South and
east China traditionally take seaborne bitumen from Singa-
pore and South Korea respectively because of their relative
proximity. But this informal demarcation has been chal-
lenged in recent months by various factors including unusual
arbitrage opportunities.
The potential for more Chinese buyers pivoting to South
Korean supplies may have contributed to higher price ideas
from the northeast Asian exporter recently.
A key South Korean refinery sold at least five September-
North Sea Dated diff Maya $/bl
30
25
20
15
10
5
0 themselves depending on technical capabilities,” Transneft
29 Nov 24 Feb 18 May 11 Aug
Copyright © 2022 Argus Media group Page 18 of 20
Issue 22-32  |  Friday 12 August 2022
loading 5,000t cargoes at a premium of $65-70/t against
prevailing high-sulphur fuel oil (HSFO) prices on 10 August.
This compares with another South Korean refinery that sold
term cargoes last week at a premium of $38-43/t to rela-
tively lower HSFO prices, meaning that the latest fob awards
are significantly higher.
The latest east China domestic ex-works prices on an im-
port parity basis against South Korean ABX 2 prices — known
as ECIPSK — were at around -$2/t as of 10 August, Argus
calculations show.
The ECIPSK was at around -$30/t a month earlier and
reached parity at the end of July, but the latest increase in
South Korean prices is pushing the ECIPSK back into nega-
tive territory. This means that South Korean supplies may
be priced out of the reach of certain east China buyers,
potentially because of bids from south China.
The weekly South Korean ABX 2 last overtook the Singa-
pore ABX 1 briefly last December, before widening to a high
of $75/t in early July this year.
This gap has since narrowed to $30/t, according to the
latest weekly assessment on 12 August, with the ABX 1 at
$560/t on a fob basis compared with a historic high of $605/t
in early July. There is potential for the ABX 2 to overtake the
ABX 1, although this hinges on the response from Singapore
suppliers.
The Singapore ABX 1 has so far displayed resilience
against downward cost pressure from significantly lower
HSFO prices and weaker demand from key regional markets
such as Vietnam, mainly because some suppliers are ration-
ing offers to cushion the price retreat.
Some Singapore suppliers may see no justification in low-
ering asking prices significantly given that insufficient freight
may have had a proportionately bigger impact than demand
in curbing liquidity. Certain Singapore sellers may opt to wait
for demand from Vietnam to strengthen by September or
October when the rainy season is expected to recede and
more vessels in the Middle East could potentially return,
market participants said.
Druzhba flows to Czech restart: Transneft
Russian pipeline operator Transneft said Druzhba pipe-
line shipments to the Czech Republic have resumed, after
Ukraine confirmed receipt of transit fee funds.
“Crude is being supplied towards [Slovakian village]
Budkovce at maximum level. The distribution of volumes
between the Czech Republic and Slovakia is being made by
told Argus.
Argus Bitumen Issue 22-32  |  Friday 12 August 2022

News

Ukrainian state-owned pipeline operator Ukrtransnafta
stopped Russian crude shipments through the southern
branch of the Druzhba system that serves Hungary, Slovakia
and the Czech Republic on 4 August because of a bounced
Russian payment. The funds transfer was reattempted and
has now been successful.
Russian Gazprombank said the initial payment was not
cleared because of EU sanctions against Moscow and a Euro-
pean bank’s refusal to process the funds.
Partial flows resumed on 10 August, after Hungarian oil
company Mol stepped in to pay the delivery fees. Shipments
had yet to restart for the Czech Republic as of yesterday,
when the country’s pipeline operator Mero expected them
to resume on 12 or 13 August.
Crude flows along the southern branch of the Druzhba
pipeline stood at around 316,000 b/d in July and are sched-
uled at roughly 294,000 b/d this month, including 75,000 b/d
to Slovakia, 98,000 b/d to the Czech Republic and 121,000
b/d to Hungary.
Pancevo refinery coker set for late-August halt
Serbian refiner NIS will shut the delayed coking unit (DCU)
at its 110,000 b/d Pancevo refinery in Serbia for 7-10 days in
late August for planned maintenance work.
The shutdown will hit the refinery's diesel output, while
halting petcoke production. Bitumen and fuel oil output and
supply will rise during the coker maintenance period.
With the DCU currently running normally, Pancevo is pro-
Asian buyers did not adjust accordingly. Several south Asian
buyers bid at less than $300/t fob for prompt-loading cargoes
as they expect the latest Iranian rally to lose steam.
Roadworks in many parts of south Asia are affected by
heavy monsoon rains that are expected to ease by Septem-
ber. Although the impending post-monsoon demand should
lift regional seaborne prices, especially from the Middle
East, some south Asian buyers differ on the extent of the re-
bound because of relatively high inventories yet to be drawn
down. This has supported a view from some market partici-
pants that the gains in Iranian prices are unlikely to persist.
Some Middle East-origin prompt-loading bulk cargoes
Argus Consulting
Services
Bespoke projects
Long-term
Mid-term
Short-term

ducing bitumen and petcoke simultaneously, meaning limited

availability of bitumen to domestic and export markets, Commodity market expertise
although small-scale volumes of the road paving product are International networks
being trucked to markets as far afield as Slovakia and Roma- Trusted data
nia, as well as into neighbouring Balkan markets.

Iranian bitumen prices firm on stronger rial, VB

Iranian bulk seaborne bitumen prices rose despite a thinly Providing clients with:
traded week, drawing support from a stronger rial against • Business strategy support
the US dollar and because of upwards cost pressure from
higher vacuum bottom (VB) feedstock prices. • Access to the local and global energy
A total of 7,000t of prompt-loading bulk Iranian cargoes commodity market
traded earlier this week at around $305/t on a fob basis, • Customized market analysis
before activity was muted by the spike in VB prices. Iran
typically exports around 40,000-60,000t of bulk bitumen • Supply and demand, trade and price forecasts
each week, meaning that the latest transacted volumes • Training
were unusually low.
Iranian bulk offers were subsequently offered at $320-
330/t fob basis later in the week. But these failed to attract
firm interest, as price ideas from many prospective south
Click here to find out more »

Copyright © 2022 Argus Media group Page 19 of 20

Argus Bitumen
News
were also offered at $540-570/t cfr to different destinations
in southeast Asia. But this failed to attract interest from pro-
spective buyers, which said that the latest discount against
key exporter Singapore is insufficient.
There was relatively more activity for Iranian drummed
cargoes because of enquiries from south Asia and Africa. At
least 21,000t of drummed cargoes were sold at $385-395/fob
Iran this week. Drummed supplies were bid sporadically at
around $380/t fob against offers at $385-400/t.
Nigeria seeks bidders for natural bitumen
The Nigerian government has started a tendering process
seeking local and international investors to bid for a series
of natural bitumen blocks to be explored and developed as
an alternative to refined bitumen.
The country's ministry of mines has, in collaboration with
consultancy firm PricewaterhouseCoopers (PwC), invited
firms to bid for "exploration, development and production
of bitumen resources... in delineated blocks" in Nigeria's
southwest states of Ondo, Lagos, Ogun and Edo where the
country's bitumen reserves are concentrated.
The ministry is scheduled to announce short-listed bid-
ders this month at the requests for qualification stage of the
tender process, with negotiations for preferred and reserve
bidders to be completed by November.
The Nigerian government estimates the country's prob-
able bitumen reserves at 42bn bl — the world's sixth largest
— although several attempts to begin exploration, process-
ing and production of the product have failed to get off the
ground, including launching a new company.
Bitumen is predominantly produced at refineries run-
ning heavier crudes. Nigerian state-owned NNPC's Kaduna
refinery has a nameplate bitumen production capacity of
around 600,000 t/yr, but has produced negligible volumes
of the product for at least 10 years. None of NNPC's three
refineries — Port Harcourt, Warri and Kaduna — have been
operational for at least two years. with the Warri and Port
Harcourt halts keeping Nigeria wholly dependent on imports
of gasoline and diesel.
Nigeria is likely to consume 260,000-280,000t of bitumen
this year, virtually all of it imported, the vast bulk of it in
specialised bitumen tankers delivering cargoes into several
terminals. At current assessed prices of around $640/t CFR
Lagos/Port Harcourt/Warri, the total import bill for 2022
would amount to around $173mn, with a weakening Naira
against the US dollar adding to local currency costs for con-
structors working on Nigerian road projects.
Copyright © 2022 Argus Media group Page 20 of 20
Issue 22-32  |  Friday 12 August 2022
US launches new sub-Saharan Africa strategy
The US has launched a new strategy for sub-Saharan Africa
aimed at forging closer ties with African nations to counter
the growing influence on the continent of Russia and China.
Secretary of state Antony Blinken launched the strategy
during a visit to South Africa, before continuing to the Dem-
ocratic Republic of Congo (DRC) and then Rwanda, where he
will conclude his African tour.
Blinken’s tour comes after Russia's foreign minister Sergei
Lavrov visited Egypt, Congo (Brazzaville), Uganda and Ethio-
pia last month. Then, after a visit by US ambassador to the
UN Linda Thomas-Greenfield last week, Uganda said it would
halt talks with Russia over buying subsidised oil products.
In his speech unveiling the strategy, Blinken recognised
sub-Saharan Africa as “a major geopolitical force” that “will
shape our future”.
The US and African nations can only achieve their shared
priorities — post-Covid economic recovery, addressing the
climate crisis, expanding energy access, revitalising democ-
racies and strengthening the international order — by work-
ing together as equal partners, he said.
Blinken identified the fostering of openness — the free-
dom of nations to choose their own path — as a key priority.
The US’ second priority under its new strategy is to work
with African partners to promote democracy and global
security.
Also, African leaders are increasingly stressing the im-
portance of free and fair elections for regional peace and
security, he said. The Economic Community of West African
States (Ecowas) is debating whether its 15 members should
adopt a ban on presidents seeking a third term. Among the
ban’s strongest proponents are the Nigerian and Ghana-
ian presidents, both of whom are in their second terms, he
pointed out.
Covid-19 drove more than 55mn Africans into poverty
— and this economic pain has been deepened by Russia’s
“unprovoked war” on Ukraine, according to Blinken. Even
before the war, 193mn people worldwide were in need of
humanitarian food assistance, and the World Bank believes
Russia’s invasion could add another 40mn, most of whom are
in Africa, he said.
But the US will help Africa jump start a broad-based,
sustainable economic recovery, as this is “vital to our shared
prosperity,” Blinken said.
Argus Bitumen Issue 22-32  |  Friday 12 August 2022

Argus successfully completes annual Iosco

Argus Asia Bitumen Daily
Argus launches daily price assessments for fob
Singapore and fob South Korea from 1 November 2021,
adding to the existing weekly benchmark prices.
The new Argus assessments will highlight daily price
movements in the Asian bitumen market, enabling
industry participants to make more timely decisions on
whether to buy or sell.
Argus Asia Bitumen Daily will be provided to Argus Bitumen
report subscribers.
assurance review
Argus has completed the ninth external assurance
review of its price benchmarks covering crude oil,
products, LPG, petrochemicals, biofuels, thermal coal,
coking coal, iron ore, steel, natural gas and biomass
benchmarks. The review was carried out by profes-
sional services firm PwC. Annual independent, external
reviews of oil benchmarks are required by international
regulatory group Iosco’s Principles for Oil Price Report-
ing Agencies, and Iosco encourages extension of the re-
views to non-oil benchmarks. For more information and
to download the review visit our website https://www.
argusmedia.com/en/about-us/governance-compliance

For more information, please contact

singapore@argusmedia.com »

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