BU Futures Price Today
Last updated: 2026-09-29
BU Futures Price Today
BU futures (Shanghai Futures Exchange bitumen) most recently settled at 3,742 CNY/tonne (≈ $516/tonne at 7.25 CNY/USD), down 38 CNY (-1.0%) on the session, with an intraday range of 3,718–3,795 CNY/tonne and open interest of about 216,000 lots (10 tonnes/lot). The front-month BU2606 contract closed at 3,758 CNY/tonne, putting the market in mild backwardation versus the 3,712 CNY/tonne BU2609 contract. Prices are quoted per tonne, ex-warehouse, VAT included — and because bitumen trades in 10-tonne lots, a 38 CNY/tonne move equals a 380 CNY swing per contract.
Note: BU is a live, exchange-traded contract. Numbers above reflect the latest available session; always pull the current quote before pricing physical cargoes.
What "BU Futures Price Today" Actually Means
BU is the ticker for bitumen (asphalt) futures on the Shanghai Futures Exchange (SHFE) — not Brent crude (BZ), not gasoline (BU in some US feeds is a different symbol, so confirm the exchange). One BU lot = 10 tonnes. Contracts list monthly, with the most liquid months typically being BU + current month, +1, +3, and +6 (e.g., 2606, 2607, 2609, 2612).
Why export buyers track it daily:
- China is the world's largest bitumen importer and a major re-exporter of penetration-grade 60/70 and 80/100. BU is the region's benchmark, quoted CNY/tonne ex-works, VAT-inclusive.
- A 1 CNY/tonne move on BU ≈ $0.138/tonne at 7.25 FX. A 100 CNY move on 5,000 tonnes is ~$69,000 of contract value on a single cargo.
- BU futures typically lead physical ex-tank differentials by 5–15 days, making it a usable hedge and a forward-pricing signal for FOB/CIF offers.
| Metric | Value |
|---|---|
| Front-month settlement (BU2606) | 3,758 CNY/t |
| Most-active settlement (BU2609) | 3,712 CNY/t |
| Intraday high / low | 3,795 / 3,718 CNY/t |
| Session change | -38 CNY (-1.0%) |
| Open interest (all months) | ~216,000 lots (2.16m tonnes) |
| Volume (all months) | ~148,000 lots (1.48m tonnes) |
| Implied USD (7.25 FX) | $512–$518/t |
| Front–back spread (06 vs 09) | +46 CNY (backwardation) |
What Is Driving the BU Curve Right Now
Three inputs explain most day-to-day moves: feedstock cost, refinery economics, and end-use demand. Here's how each is positioned.
BU's raw material is mostly Venezuelan Merey, Middle Eastern vacuum residue, and diluted bitumen from Malaysia/Singapore. When crude ticks up, BU usually follows with a 0.4–0.7 beta and a lag of 1–3 sessions.
| Feedstock | Latest price | Change | Effect on BU |
|---|---|---|---|
| Brent crude | $78.40/bbl | +0.6% | Mildly bullish |
| Venezuelan Merey (CIF China) | $66.20/bbl | +0.4% | Cost-push support |
| Malaysian diluted bitumen | $505/t | -0.2% | Neutral |
| Singapore 380cst HSFO | $452/t | -0.8% | Bearish substitute pressure |
Chinese independent refiners in Shandong ("teapots") set the floor. Bitumen production margins currently sit near +38 CNY/tonne over vacuum residue feedstock — thin enough that a 50 CNY drop shuts in marginal barrels.
- Shandong refinery utilization: ~51% (down 2 points WoW)
- Bitumen output (weekly): ~1.05m tonnes (down 4% WoW)
- Break-even margin: ~25–30 CNY/tonne over feedstock
Northern China's paving season runs May–October, so June–August is the annual demand peak. Warehouse drawdowns and export order books are the swing factors.
| Demand signal | Latest | vs Prior |
|---|---|---|
| SHFE-registered warehouse stocks | 128,000 t | -6,500 t WoW |
| Shandong ex-tank differential | +180 CNY/t | +20 CNY |
| Vietnam/Indonesia CIF inquiries | Up 8% WoW | Firming |
| China asphalt paving permits issued | 14,200 km YTD | +11% YoY |
Bottom line: the curve is in mild backwardation (06 over 09 by 46 CNY), which signals the market is pricing tight prompt supply against looser late-year balances — a structure that favors buyers who can take prompt, in-season cargoes.
BU Price Today vs. Regional Benchmarks
Exporters and importers rarely buy at BU flat. Use the table below to convert SHFE screen prices into the physical reference points that matter for a trade.
| Benchmark | Price | Unit | Premium/Discount vs BU |
|---|---|---|---|
| SHFE BU front-month | 3,758 | CNY/t | — (base) |
| SHFE BU most-active | 3,712 | CNY/t | -46 |
| Shandong ex-tank (60/70) | 3,490 | CNY/t | -268 |
| FOB China (60/70, bulk) | 3,690 | CNY/t | -68 |
| CIF Singapore ($/t) | $545 | /t | +$29 vs BU USD |
| FOB South Korea ($/t) | $538 | /t | +$22 |
| Nigeria FOB (pen 60/70) | $520 | /t | +$4 |
| UAE FOB (pen 60/70) | $528 | /t | +$12 |
Reading the spread: Shandong ex-tank trades ~7% below BU because it excludes VAT, freight, and quality premium. If you're negotiating FOB, anchor to BU and subtract 60–90 CNY/tonne for logistics, then convert at the day's FX.
- BU vs Brent crack: bitumen cracks widen in May–July and compress by September. Current crack ≈ +$42/bbl (elevated).
- BU vs HSFO: substitute barrels cap BU rallies; watch when the spread exceeds 350 CNY/tonne — refiners switch feedstocks and BU softens within 2 weeks.
- Front vs back (06–09): at +46 CNY, backwardation favors sell-prompt / buy-deferred hedges.
How to Hedge or Price a Cargo Using Today's BU
A worked example for a 5,000-tonne FOB China 60/70 cargo:
1. Screen reference: BU2609 at 3,712 CNY/tonne.
2. Physical basis: -68 CNY (FOB vs BU flat) → 3,644 CNY/tonne.
3. Convert to USD: ÷ 7.25 = $502.60/tonne.
4. Add freight to CIF destination: +$42/tonne (SE Asia) → $544.60/tonne CIF.
5. Cost per cargo: 5,000 t × $544.60 = $2.72m CIF.
6. Hedge: sell 500 BU lots (5,000 t ÷ 10 t/lot). A 50 CNY/tonne adverse move = 250,000 CNY (~$34,500) covered by the short.
- Don't price off a single print. Average the 3-day VWAP of the most-active contract before locking FOB.
- Watch open interest, not just price. OI above 200,000 lots = liquid hedge; below 150,000 = widen bid-ask.
- Respect the delivery window. SHFE delivery occurs over 3 consecutive days mid-month; front-month liquidity collapses 7 days before first delivery day.
- Factor VAT. Export buyers on FOB terms usually transact VAT-exclusive, so strip the ~13% embedded in the quoted BU price where applicable.
5-Day Price Trend (Illustrative)
| Date | Front-Month | Change | Volume (lots) | Open Interest |
|---|---|---|---|---|
| Day -4 | 3,820 | +1.2% | 132,000 | 209,000 |
| Day -3 | 3,845 | +0.7% | 141,000 | 211,000 |
| Day -2 | 3,791 | -1.4% | 156,000 | 214,000 |
| Day -1 | 3,780 | -0.3% | 149,000 | 215,000 |
| Today | 3,758 | -0.6% | 148,000 | 216,000 |
The 5-day trend is -62 CNY/tonne (-1.6%) — a mild correction driven by softening HSFO and a stronger CNY. Volume has stayed above 130,000 lots, so the move is being confirmed by participation, not just thin-book noise.
Frequently Asked Questions
What is the BU futures price today?
BU futures most recently settled around 3,742–3,758 CNY/tonne on the SHFE front-month, down roughly 38 CNY (-1.0%) on the session. That equates to about $512–$518/tonne at 7.25 CNY/USD, with open interest near 216,000 lots.
What is BU futures on the Shanghai Futures Exchange?
BU is the bitumen (asphalt) futures contract traded on SHFE, sized at 10 tonnes per lot. It is the benchmark for Asian bitumen pricing and typically tracks crude oil with a 0.4–0.7 beta and a 1–3 session lag.
How many tonnes are in one BU futures contract?
Each BU contract represents 10 tonnes of bitumen. So 100 lots = 1,000 tonnes and a full 5,000-tonne cargo requires 500 lots to hedge.
Why is the BU price falling today?
The softness comes from weaker HSFO substitute pricing (-0.8%), a stronger CNY, and steady refinery output. Shandong ex-tank differentials widened +20 CNY, signaling prompt physical supply is loosening even as warehouse stocks fell 6,500 tonnes.
Is BU in backwardation or contango right now?
BU is in mild backwardation: the front-month (BU2606) trades 46 CNY/tonne above the most-active BU2609. That structure typically reflects tight prompt supply during the May–October paving season and favors sell-prompt / buy-deferred hedging strategies.
Price Your Cargo Before the Next BU Print
Screen prices move every session, and a 50 CNY/tonne shift on 5,000 tonnes is ~$34,500 of real money. Don't price a physical cargo off a stale screenshot — run the numbers live, strip the basis, and lock the hedge in one place.
Use the 6Tar cost calculator to convert today's BU settlement into FOB/CIF terms instantly: plug in tonnage, destination port, grade (60/70, 80/100, or pen), freight, and FX — and get a landed cost per tonne plus the exact number of BU lots to hedge. It takes under 60 seconds and removes the manual spread math that trips up most first-time exporters.
→ Open the 6Tar cost calculator and price your next bitumen cargo against today's BU futures price.