Hyundai Oil Bank Bitumen
Last updated: 2026-10-07
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Hyundai Oil Bank bitumen is a premium paving-grade asphalt binder produced at the company's Daesan refinery complex in South Korea, with typical penetration grades of 60/70 and 40/50 and monthly export volumes exceeding 100,000 metric tons. As of Q1 2025, FOB Daesan pricing for Hyundai Oil Bank bitumen 60/70 ranges between $480–$540 per metric ton, depending on order volume and destination port. The product is shipped in bulk vessels, flexitanks, and 150 kg drums, with standard lead times of 10–21 days from order confirmation to loading.
What Is Hyundai Oil Bank Bitumen?
Hyundai Oil Bank Co., Ltd. is South Korea's fourth-largest refiner, operating a 650,000 barrel-per-day refinery in Daesan, approximately 120 km southwest of Seoul. The company entered the bitumen export market aggressively in the 2010s and now supplies 600,000–800,000 metric tons annually to buyers in China, Southeast Asia, Australia, India, and Africa.
Bitumen (also called asphalt binder or penetration-grade asphalt) is the heavy residual fraction left after crude oil distillation. Hyundai Oil Bank produces bitumen from carefully selected Middle Eastern crude slates—primarily Arab Heavy and Kuwait Export Crude—which yield binders with consistent viscosity and low wax content.
Core product specifications:
| Parameter | HOB 60/70 | HOB 40/50 | HOB 80/100 |
|---|---|---|---|
| Penetration @25°C (0.1 mm) | 60–70 | 40–50 | 80–100 |
| Softening point (°C) | 49–56 | 52–60 | 45–52 |
| Viscosity @135°C (Pa·s) | 0.35–0.45 | 0.45–0.60 | 0.28–0.38 |
| Solubility in TCE (%) | ≥99.0 | ≥99.0 | ≥99.0 |
| Flash point (°C) | ≥230 | ≥230 | ≥230 |
| Density @25°C (kg/m³) | 1,010–1,030 | 1,010–1,030 | 1,010–1,030 |
These grades conform to ASTM D946, AASHTO M20, and JIS K2207 standards, making them acceptable for road construction tenders across Asia-Pacific, the Middle East, and Africa.
- Consistent quality from a single refinery source rather than blended cargoes
- Flexible packaging: bulk (5,000–30,000 MT vessels), flexitank (20–24 MT per unit), and new/used drums
- Short sailing times to major Asian ports (see table below)
- Competitive FOB pricing against Middle East and Singapore benchmarks
- Korean origin accepted in most government road tenders without additional certification
Hyundai Oil Bank Bitumen Pricing and Export Data
Pricing for Hyundai Oil Bank bitumen tracks three benchmarks: Singapore FOB, Middle East FOB (Iran/Bahrain), and Brent crude. Because bitumen is a crude byproduct, a $10/barrel move in Brent typically shifts bitumen prices by $8–$12 per metric ton within 4–6 weeks.
Indicative pricing table (FOB Daesan, Q1 2025):
| Grade | FOB Price (USD/MT) | Bulk Vessel MOQ | Flexitank Price | Drum Price |
|---|---|---|---|---|
| 60/70 | $480–$540 | 5,000 MT | +$25–$35/MT | +$60–$80/MT |
| 40/50 | $500–$565 | 5,000 MT | +$25–$35/MT | +$60–$80/MT |
| 80/100 | $465–$520 | 5,000 MT | +$25–$35/MT | +$60–$80/MT |
Key export statistics (2024 estimates):
- Total bitumen exports: ~720,000 MT
- Top destination: China (~35% of volume)
- Second destination: Vietnam and Indonesia (~22% combined)
- Average cargo size: 12,000–18,000 MT
- Number of annual vessel loadings: 45–60
| Destination Port | Sailing Time (days) | Port Handling (days) |
|---|---|---|
| Shanghai, China | 2–3 | 2–4 |
| Ho Chi Minh, Vietnam | 5–7 | 3–5 |
| Jakarta, Indonesia | 7–9 | 4–6 |
| Chennai, India | 12–15 | 5–7 |
| Melbourne, Australia | 14–18 | 4–6 |
| Mombasa, Kenya | 22–28 | 6–9 |
Total lead time from PO to delivery typically runs 10–21 days for Asian buyers and 30–45 days for African or Australian buyers.
How Hyundai Oil Bank Bitumen Compares to Competitors
Buyers frequently compare Hyundai Oil Bank bitumen against SK Energy, S-Oil, Shell Singapore, and Middle East suppliers. Each has trade-offs in price, quality consistency, and logistics.
| Supplier | Origin | Typical 60/70 FOB | Annual Capacity | Key Strength |
|---|---|---|---|---|
| Hyundai Oil Bank | South Korea | $480–$540 | 700,000+ MT | Consistent crude slate |
| SK Energy | South Korea | $485–$545 | 800,000+ MT | Largest Korean exporter |
| S-Oil | South Korea | $480–$540 | 600,000+ MT | Aramco-backed supply |
| Shell Singapore | Singapore | $510–$570 | Variable | Brand premium |
| Iran/Bahrain | Middle East | $430–$500 | 1M+ MT | Lowest price, longer lead |
Practical takeaways:
- Korean bitumen (HOB, SK, S-Oil) trades at a $15–$40/MT premium over Middle East cargoes but offers shorter lead times and cleaner documentation.
- Hyundai Oil Bank and SK Energy grades are nearly interchangeable in performance—choose based on availability and freight economics.
- For tenders specifying "Korean origin bitumen," HOB is one of only three qualified suppliers.
Packaging, Logistics, and Documentation
Hyundai Oil Bank bitumen is sold in three main formats. Choosing the right one depends on volume, destination infrastructure, and unloading capability.
- Bulk vessels (5,000–30,000 MT): Lowest per-ton cost; requires heated storage tanks at destination. Best for large road projects and trading houses.
- Flexitanks (20–24 MT per container): Ideal for buyers without bulk terminals. 20ft container holds one flexitank; a 40ft holds two. Discharge requires heating to 120–140°C.
- Drums (150 kg or 180 kg): Most flexible for small projects, remote sites, and markets where container heating equipment is unavailable. Highest cost per ton.
Standard documentation package:
- Bill of Lading (B/L)
- Certificate of Origin (Korean Chamber of Commerce)
- Certificate of Analysis (COA) per batch
- MSDS (GHS-compliant)
- Commercial Invoice and Packing List
- Third-party inspection (SGS/Intertek) available on request for $0.50–$1.50/MT
Payment terms: HOB typically works through trading intermediaries. Standard terms are 30% advance / 70% against B/L copy, or irrevocable L/C at sight for first-time buyers. Established buyers may negotiate 100% against documents.
Quality Control and Certifications
Hyundai Oil Bank operates an in-house laboratory at Daesan that tests every batch before loading. Third-party pre-shipment inspection is available and often required by government buyers.
Testing protocols:
| Test | Method | Frequency |
|---|---|---|
| Penetration | ASTM D5 | Every batch |
| Softening point | ASTM D36 | Every batch |
| Viscosity @135°C | ASTM D4402 | Every batch |
| Ductility @25°C | ASTM D113 | Daily composite |
| Flash point | ASTM D92 | Every batch |
| Solubility | ASTM D2042 | Weekly composite |
| TFOT/RTFOT aging | ASTM D1754/D2872 | Monthly composite |
Certifications and approvals:
- ISO 9001:2015 (quality management)
- ISO 14001:2015 (environmental)
- ASTM D946 / AASHTO M20 compliance
- Accepted in tenders across 25+ countries
The practical benefit: buyers receive a COA matching the B/L quantity, which speeds customs clearance and reduces rejection risk at project sites.
Market Outlook and Buyer Considerations
The Asian bitumen market is projected to grow 3.5–4.5% annually through 2028, driven by road infrastructure spending in India, Indonesia, Vietnam, and the Philippines. South Korea's export position is stable, with HOB expected to maintain or slightly increase its 700,000–800,000 MT/year output.
Key factors affecting Hyundai Oil Bank bitumen pricing in 2025–2026:
- Brent crude volatility: Each $10/bbl move shifts bitumen $8–$12/MT.
- Chinese demand: China absorbs ~35% of HOB exports; a construction slowdown there softens prices.
- Freight rates: Container and vessel rates add $20–$90/MT depending on route.
- Seasonal patterns: Q1–Q2 (pre-monsoon) sees peak demand; Q4 pricing is typically 3–7% lower.
- Currency: KRW/USD movements affect FOB quotes for dollar-based buyers.
Buyer checklist before ordering:
1. Confirm grade (60/70 for most road work; 40/50 for hot climates and heavy traffic)
2. Verify destination requires Korean origin or accepts alternatives
3. Check receiving infrastructure (bulk tank vs. container heating vs. manual drum handling)
4. Request current COA and a recent SGS report
5. Lock pricing with your trader against Brent or Singapore benchmark
6. Confirm payment terms and inspection scope before signing
FAQ: Hyundai Oil Bank Bitumen
Q1: What is the current price of Hyundai Oil Bank bitumen 60/70?
As of Q1 2025, FOB Daesan pricing for HOB bitumen 60/70 is approximately $480–$540 per metric ton, depending on volume and destination. Flexitank and drum packaging add $25–$80/MT. Buyers should confirm quotes against live Brent and Singapore benchmarks.
Q2: Where is Hyundai Oil Bank bitumen produced?
It is produced at Hyundai Oil Bank's 650,000 bpd Daesan refinery in South Korea, roughly 120 km southwest of Seoul. The refinery uses Middle Eastern heavy crudes (Arab Heavy, Kuwait Export) to produce consistent penetration-grade binder.
Q3: What grades of Hyundai Oil Bank bitumen are available?
The main export grades are 60/70, 40/50, and 80/100 penetration, all conforming to ASTM D946 and AASHTO M20. Grade 60/70 accounts for the majority of exports and is the default for most road construction tenders.
Q4: How long does shipping take from Hyundai Oil Bank to major ports?
Sailing time from Daesan is 2–3 days to Shanghai, 5–7 days to Ho Chi Minh City, 7–9 days to Jakarta, and 22–28 days to Mombasa. Total lead time including port handling typically runs 10–45 days depending on destination.
Q5: What is the minimum order quantity for Hyundai Oil Bank bitumen?
Bulk vessel orders start at 5,000 MT. Flexitank orders can be as small as 20–24 MT (one container), and drum orders start at one 20ft container (~80 drums, 12–14 MT). Small buyers typically consolidate through trading houses.
Calculate Your Hyundai Oil Bank Bitumen Cost Instantly
Pricing Hyundai Oil Bank bitumen involves more than the FOB number—freight, packaging, inspection, and payment terms can shift your landed cost by $40–$120 per metric ton. Before you commit to a cargo, run the numbers.
Use the 6Tar cost calculator to model landed cost for HOB bitumen across bulk, flexitank, and drum formats. Enter your destination port, volume, and grade to get an instant per-ton and total cargo estimate—then compare it against alternative origins before you place your order.