According to the oilload editorial team report dated Friday 23 February 2026, the global bitumen market in the week ending 20 February came under intense pressure from two powerful seasonal factors: Europe’s harsh winter and the start of Ramadan on 17 February. This combination has pushed global demand to its lowest seasonal level, leaving only a few pockets of activity (primarily Nigeria in its dry-season peak) still moving.
Europe’s Harsh Winter: Bitumen Demand Near Zero
Persistent rainfall across northwest Europe and heavy snow in central and eastern parts of the continent have brought road-paving activity almost to a standstill. “cargo and truck demand remains at very low levels.”
- Truck prices fell €7-8/t in Poland, €12-13/t in Romania, and €2/t in parts of southern Germany.
- Even the rise in Brent and HSFO prices (driven by fears of possible US military action against Iran) could not lift cargo differentials significantly.
- Market participants expect this weakness to continue until mid- or late-March, with the real paving season only starting after the Easter holiday (early April).
Ramadan: Bitumen Demand Shock Across Muslim Markets
Since 17 February, Ramadan has sharply reduced project activity in North Africa (Algeria, Morocco, Libya), Tunisia, Indonesia, Malaysia and other Muslim-majority markets. Imports into Algeria, Morocco and Libya dropped in the first week of Ramadan. In Libya — which had shown relatively good demand before Ramadan — workers have taken holidays and projects have slowed dramatically.
In Asia, the combination of Chinese New Year and Ramadan has left Singapore, Indonesia and Vietnam almost completely quiet. Importers are keeping inventories at minimum levels to pass the fasting period with lower risk.
Iran Market: FOB Bandar Abbas Under Pressure
In this low-demand environment, Iranian export prices at FOB Bandar Abbas saw a modest decline:
| Bitumen Grade | FOB Bandar Abbas ($/t) | Weekly Change |
|---|---|---|
| Pen 60/70 Bulk | 297.33 – 305.00 | -1.34 |
| VG40 / Pen 60/70 Bulk | 295 – 305 | -2.50 |
| Drums | 350 – 363 | -4.50 |
Approximately 236,730 tonnes of bitumen were traded on the Iran Mercantile Exchange (IME), mostly bulk at $293-298/t FOB Bandar Abbas. Buyers from the UAE, Africa and India remain active but are focused exclusively on prompt cargoes.
Regional Bright Spot: Kurdistan Region of Iraq Bitumen or
How Kurdistan Region of Iraq Bitumen Maintains Its $30-40 Premium Over FOB Bandar Abbas
While Iranian bitumen prices are under pressure, bitumen from northern Iraq (Kurdistan Region) by oilload has not only held firm but continues to command a clear premium.
According to oilload trade center, at least 3,000 tonnes of drums from Kurdistan Region (northern Iraq) were sold last week at $340-345/t FOB Bandar Abbas. Workable bids from buyers stood at $325-335/t — still $30-40/t higher than average Iranian material.
Key reasons for the sustained premium:
- Higher and more consistent quality (especially drums and jumbo bags).
- Severe feedstock (Vacuum Bottom) shortages at small Kurdistan refineries, which have restricted supply and raised production costs.
- Export route primarily through southern Iranian ports (priced FOB Bandar Abbas).
Buyers in India, Pakistan and East Africa are willing to pay this premium for reliable supply and superior quality. In a globally soft market, this $30-40 spread represents a real competitive advantage for Kurdistan producers and exporters.
Key Bitumen Vessel Movements
- Atlantic Narval (21,500 dwt, ex-Lome) → Durban, 1 March
- Y L W (5,900 dwt, ex-Mideast Gulf) → Durban, 3 March
- Lilstella (7,944 dwt) → Lagos, Nigeria, 1 March
West Africa remains the most active destination, but for East Africa and India, Kurdistan-origin bitumen is emerging as the preferred choice due to quality and reliable delivery.
Ramadan Bitumen Outlook
Until the end of Ramadan (around 18-19 March), demand in North Africa and Muslim-majority countries will remain minimal. Europe is expected to stay in winter hibernation until mid-March. The only active spots are Nigeria and limited VG40 demand from India.
in Kurdistan, this low-demand period offers a golden opportunity to:
- solidify the price premium,
- resolve feedstock constraints, and
- minimise logistics and sanctions-related risks at Bandar Abbas.
oilload: Europe’s harsh winter combined with the start of Ramadan has placed the global bitumen market in a clear “seasonal waiting mode.” In this soft environment, bitumen from the Kurdistan Region of Iraq has not only resisted downward pressure but has successfully maintained a $30-40/t premium over FOB Bandar Abbas Iranian material.
This demonstrates that quality, consistency and reliable supply can create a genuine competitive edge — even in a globally depressed market. Until real demand returns in April 2026, Kurdistan producers and exporters who manage feedstock, quality and logistics risks effectively will be in the strongest position.
OilLoad – Your Trusted Source for Oil & Petrochemical Market News and Analysis
Publication Date: 23 February 2026
