Bitumen Price Historical Chart
Last updated: 2026-09-29
Bitumen Price Historical Chart
The bitumen price historical chart shows that global bitumen prices averaged $480 per metric ton in 2024, down from a peak of $620/ton in June 2022, representing a 22.6% decline over 24 months. Benchmark grades including 60/70 penetration bitumen and VG30 traded in a range of $340–$620/ton between 2019 and 2024, with the sharpest single-month spike occurring in March 2022 (+18.4%) following the Russia–Ukraine conflict. For buyers tracking export markets, Penetration Grade 60/70 remained the most traded grade, accounting for roughly 65% of global seaborne bitumen volume in 2024.
Bitumen Price Historical Chart: 5-Year Data Table (2019–2024)
The table below consolidates average annual prices for Penetration Grade 60/70 bitumen in USD per metric ton (FOB, Middle East export basis). These figures form the backbone of most bitumen price historical charts used by traders and procurement teams.
| Year | Average Price (USD/ton) | Year Low (USD/ton) | Year High (USD/ton) | YoY Change |
|---|---|---|---|---|
| 2019 | $410 | $365 | $455 | — |
| 2020 | $355 | $290 | $430 | −13.4% |
| 2021 | $465 | $370 | $585 | +31.0% |
| 2022 | $580 | $495 | $620 | +24.7% |
| 2023 | $505 | $445 | $575 | −12.9% |
| 2024 | $480 | $430 | $540 | −5.0% |
| 2025 (YTD) | $465 | $425 | $510 | −3.1% |
Key observations from the historical chart:
- The 2020 COVID trough ($290/ton) marked the lowest bitumen price in the past decade.
- 2021–2022 delivered a cumulative 55% rally, driven by crude oil recovery and post-pandemic infrastructure spending.
- Prices have since moved into a $430–$540 band, suggesting a stabilized but still volatile market.
- The spread between yearly low and high averaged $110/ton over six years — critical for buyers timing large tenders.
Regional Bitumen Price Comparison (2024 Averages)
Bitumen pricing varies significantly by region due to freight, refinery capacity, and local demand. The chart below compares 2024 average FOB/CIF prices across major supply hubs.
| Region / Origin | Grade | 2024 Avg (USD/ton) | vs. Middle East |
|---|---|---|---|
| Middle East (Iran, UAE) | 60/70 | $470 | Baseline |
| Southeast Asia (Singapore, Thailand) | 60/70 | $505 | +7.4% |
| South Korea | 60/70 | $520 | +10.6% |
| Europe (Rotterdam) | 50/70 | $565 | +20.2% |
| India (domestic refinery) | VG30 | $455 | −3.2% |
| Africa (CIF Lagos) | 60/70 | $610 | +29.8% |
What this comparison tells buyers:
- Middle East and Indian supply offer the lowest landed costs for Asian and African buyers.
- European pricing carries a $95–$100/ton premium over Middle East FOB, largely reflecting higher refinery costs and specification differences.
- African CIF pricing adds $140/ton on top of Middle East FOB due to freight and port handling — a key margin factor in tender pricing.
Why Bitumen Prices Move: 5 Core Drivers Explained
Understanding price movement is essential for interpreting any bitumen price historical chart. Five variables explain approximately 85% of price variance according to industry analyses.
Bitumen is a residual product of crude oil refining, and its price tracks Brent and Dubai crude benchmarks with a correlation coefficient of ~0.91. When Brent moved from $42/barrel (April 2020) to $123/barrel (June 2022), bitumen rose in near lockstep from $290 to $620/ton.
- Rule of thumb: a $10/barrel move in crude translates to roughly $25–$35/ton in bitumen pricing.
- Refinery margins (crack spreads) can delay or amplify this pass-through by 2–6 weeks.
Global bitumen supply is concentrated in a limited number of refineries. Seasonal maintenance — typically March–May and September–October — removes 8–12% of global supply temporarily.
| Supply Event | Typical Impact on Price |
|---|---|
| Major turnaround (2–4 weeks) | +3% to +7% |
| New refinery capacity online | −2% to −5% |
| Export ban (e.g., Iran restrictions) | +5% to +12% |
| Shipping disruption (Red Sea, Panama) | +4% to +9% |
Road construction is seasonal. Demand peaks in Q2 and Q3 (April–September) in the Northern Hemisphere and Q4 (October–December) in tropical markets.
- Peak season premium: $20–$40/ton above annual average.
- Winter discount: $15–$30/ton below annual average.
- Buyers who tender in January–February typically secure 4–7% lower prices than mid-season buyers.
Bitumen is priced in USD, so currency fluctuations directly affect landed costs for importers in local-currency markets.
- A 10% depreciation in an importing country's currency raises effective bitumen cost by ~10%.
- Freight rates (Baltic Dirty Tanker Index) added $25–$60/ton to CIF pricing during 2022–2024 spikes.
Government infrastructure budgets drive structural demand. Notable examples:
- India's National Infrastructure Pipeline ($1.4 trillion) sustained VG30 demand through 2021–2024.
- US IIJA ($1.2 trillion) supported steady 2022–2025 consumption.
- Conversely, China's property slowdown reduced regional demand by an estimated 6–8% annually in 2023–2024.
How to Read a Bitumen Price Historical Chart for Procurement
A historical chart isn't just a record — it's a timing tool for buyers and importers. Here's how to extract actionable insight.
Step 1: Identify the current position in the cycle.
Compare today's price against the 5-year average ($466/ton) and the 10-year average ($440/ton). If current pricing sits more than 10% above the 5-year average, consider delaying non-urgent purchases.
Step 2: Compare your quoted price to the benchmark.
If you're quoted $510/ton FOB Middle East while the regional chart shows $470/ton, the $40/ton gap (8.5%) signals room for negotiation or an alternative supplier.
Step 3: Time your tender to seasonal lows.
Historical charts show that January and February consistently deliver the year's lowest average prices — 3–6% below the annual mean.
Step 4: Lock in volumes during volatility windows.
When the chart shows a spike of more than 12% in under 60 days, forward-buying 2–3 months of supply has historically saved buyers $15–$35/ton.
Practical procurement checklist:
- Track the chart weekly, not quarterly.
- Build a 3-month price buffer into tender budgets when volatility is high.
- Use historical low/high bands to set negotiation anchors.
- Cross-reference crude oil futures for a 4–6 week forward view.
FAQ: Bitumen Price Historical Chart
Q1: What was the highest bitumen price in history?
The highest recorded bitumen price was approximately $620 per metric ton in June 2022, driven by crude oil exceeding $120/barrel and post-pandemic supply constraints. This represented a 114% increase from the 2020 low of $290/ton.
Q2: What is the average bitumen price over the past 5 years?
The 5-year average (2020–2024) for Penetration Grade 60/70 bitumen is $466 per metric ton, based on FOB Middle East benchmarks. Prices ranged from a low of $290/ton (April 2020) to a high of $620/ton (June 2022).
Q3: How closely does bitumen price follow crude oil?
Bitumen prices correlate with crude oil at approximately 0.91, meaning most price movement tracks crude within a 2–6 week lag. As a rule, a $10/barrel change in Brent translates to a $25–$35/ton change in bitumen.
Q4: Which grade of bitumen is most commonly tracked in historical charts?
Penetration Grade 60/70 is the most commonly tracked grade, representing about 65% of global seaborne trade. Other frequently charted grades include VG30 (India), 80/100, and PG 64-22 for US markets.
Q5: When is the cheapest time of year to buy bitumen?
January and February are historically the cheapest months, averaging $15–$30/ton below the annual mean due to low construction-season demand. Buyers who tender in these months typically save 3–6% versus mid-season purchases.
Calculate Your Bitumen Cost Instantly with 6Tar
Price charts tell you where the market has been — but accurate landed cost calculation tells you what you'll actually pay. Use the 6Tar cost calculator to convert FOB quotes into full CIF landed costs, factoring in freight, insurance, port charges, and currency conversion in seconds. Whether you're comparing Middle East FOB against Southeast Asia CIF or planning a 5,000-ton tender, 6Tar gives you the numbers you need to negotiate with confidence. Try the 6Tar cost calculator today and turn historical price data into actionable procurement savings.