Platts Bitumen Price Assessment
Last updated: 2026-10-07
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Platts Bitumen Price Assessment
Platts bitumen price assessments are benchmark valuations of asphalt-grade bitumen published by S&P Global Commodity Insights, reflecting spot and contract cargo values across key export hubs. As of Q3 2025, Platts assessed bitumen at $430–$465 per metric ton FOB across the main Middle East and Asian export markets, with Singapore FOB cargoes hovering around $445–$460/MT and Iran-origin FOB Bandar Abbas assessments near $415–$430/MT. These figures sit roughly 8–12% below the 2023 peak of ~$500/MT, tracking softer crude feedstock costs and rising supply from Middle East refineries.
How Platts Assesses Bitumen Prices
Platts (now part of S&P Global Commodity Insights) publishes daily and weekly bitumen assessments via its Platts Asia-Pacific/Arab Gulf Marketscan and related price reporting services. The methodology is transparent but strict, and understanding it matters if you're pricing cargoes, negotiating contracts, or benchmarking your supplier.
Core assessment criteria:
- Assessment window (MOC): Prices are captured during a defined Market-on-Close window — typically 16:30–17:00 Singapore time for Asia assessments.
- Cargo size standard: Benchmark cargoes are usually 5,000–10,000 MT for vessel shipments; smaller parcel assessments may carry a premium.
- Incoterm basis: Primarily FOB at export hubs (Bandar Abbas, Jubail, Singapore, South Korea), with CFR equivalents derived by adding freight.
- Grade specification: Standard reference is penetration grade 60/70, the most widely traded grade globally, with 80/100 and 40/50 also assessed.
- Normalization: Traded prices are normalized for credit terms (typically 30 days), loading dates, and quality differentials.
| Assessment Basis | Hub | Typical Cargo Size | Basis |
|---|---|---|---|
| FOB Bandar Abbas | Iran | 5,000–10,000 MT | 60/70 pen |
| FOB Jubail / Dammam | Saudi Arabia | 10,000–30,000 MT | 60/70 pen |
| FOB Singapore | Singapore | 5,000–20,000 MT | 60/70 pen |
| FOB Ulsan / Yeosu | South Korea | 5,000–15,000 MT | 60/70 pen |
| CFR India (Nhava Sheva) | India | 10,000–30,000 MT | 60/70 pen |
The critical point for exporters: Platts is an assessment, not an exchange price. It reflects what Platts' price reporters observe in confirmed trades, bids, and offers — not an order book. This distinction matters when contracts are linked to "Platts + premium" formulas.
Platts Bitumen Price Levels: Q3 2025 Snapshot
Below is an indicative snapshot of Platts-referenced bitumen prices across major hubs for Q3 2025. Figures are approximate and should be verified against the latest Platts Marketscan before trading.
| Hub / Basis | Grade | Price (USD/MT) | vs. Q2 2025 | vs. Q3 2024 |
|---|---|---|---|---|
| FOB Bandar Abbas | 60/70 | $415–430 | –3.5% | –11% |
| FOB Jubail | 60/70 | $440–455 | –2.8% | –9% |
| FOB Singapore | 60/70 | $445–460 | –2.1% | –8% |
| FOB South Korea | 60/70 | $455–470 | –1.9% | –7% |
| CFR West India | 60/70 | $485–505 | –2.5% | –10% |
| CFR East Africa (Mombasa) | 60/70 | $520–545 | –3.0% | –12% |
Key drivers behind the 2025 softening:
- Brent crude averaged ~$72–78/bbl in Q3 2025, down from ~$85/bbl in 2024 — bitumen tracks crude with a lag of 3–6 weeks.
- Middle East refinery upgrades added an estimated 1.2–1.5 million MT/year of incremental bitumen supply since 2023.
- Weak Chinese demand — Chinese imports fell roughly 15–18% year-on-year as domestic refinery output and infrastructure spending patterns shifted.
- Freight volatility: VLCC and MR rates to East Africa and South Asia rose 10–20% in mid-2025, widening CFR-FOB spreads.
For exporters, the practical takeaway: FOB Persian Gulf remains the global low-cost benchmark, and any CFR quote more than $60–75/MT above FOB deserves a freight-cost audit.
Platts vs. Other Bitumen Price Benchmarks
Platts is not the only reference. Buyers and sellers frequently compare it against Argus, ICIS, and regional refinery list prices. The spreads between benchmarks tell you how the market is pricing risk and logistics.
| Benchmark | Publisher | Primary Hubs | Typical Premium vs. Platts |
|---|---|---|---|
| Platts Bitumen | S&P Global | Bandar Abbas, Singapore, Jubail | Baseline |
| Argus Bitumen | Argus Media | Singapore, Middle East, NWE | ±$2–5/MT |
| ICIS Bitumen | ICIS | Asia, Europe | ±$3–6/MT |
| Iran domestic (IME) | Iran Mercantile Exchange | Bandar Abbas | –$15–25/MT |
| Refinery list (Jubail) | Saudi Aramco | Jubail | +$5–10/MT |
Why the gaps exist:
- Liquidity: Platts and Argus assess the most liquid hubs; thinner markets (e.g., West Africa) trade at wider premia.
- Methodology: Different MOC windows and cargo-size standards create small but persistent differentials.
- Contract structure: Many term contracts price off "Platts average of the month + premium," so the monthly average — not the daily print — drives cash flow.
| Contract Type | Pricing Formula | Typical Premium |
|---|---|---|
| Spot FOB | Platts daily ± adjustment | $0–10/MT |
| Term CFR | Platts monthly avg + freight + premium | $15–35/MT |
| Tender (India PSU) | Platts avg + fixed premium | $20–40/MT |
| Drummed export | Platts + drumming cost | +$80–120/MT |
What Moves Platts Bitumen Prices
Four variables explain the majority of short-term Platts bitumen price movement. If you export bitumen, these are the inputs to watch weekly.
1. Crude feedstock (60–70% of price variance)
Bitumen is a refinery residue, so Brent and Dubai crude are the dominant cost drivers. A $5/bbl move in Brent typically translates to a $12–18/MT move in bitumen within 3–6 weeks.
2. Regional supply/demand balance
- Middle East exports rose to an estimated 6.5–7.0 million MT/year in 2025.
- Southeast Asian demand grew 4–6%, led by Indonesia, Vietnam, and the Philippines.
- Indian demand is seasonal: monsoon (June–September) suppresses consumption by 20–30%, then rebounds.
3. Freight and logistics
- Bandar Abbas → Nhava Sheva: $35–50/MT (2025 average).
- Jubail → Mombasa: $55–75/MT.
- Singapore → East Africa: $60–85/MT.
- Rising insurance and sanctions-related compliance costs add $5–15/MT on Iran-origin cargoes.
4. Currency and payment terms
- USD strength makes bitumen more expensive for INR, IDR, and NGN buyers, suppressing demand.
- LC terms vs. CAD (cash against documents) create a $3–8/MT pricing differential.
| Driver | Weight in Price Variance | Direction in Q3 2025 |
|---|---|---|
| Crude oil | 60–70% | Bearish |
| Regional supply | 15–20% | Bearish |
| Freight | 5–10% | Bullish |
| FX / demand | 5–10% | Mixed |
FAQ: Platts Bitumen Price
Q1: What is the current Platts bitumen price?
As of Q3 2025, Platts assesses bitumen at approximately $415–430/MT FOB Bandar Abbas, $440–455/MT FOB Jubail, and $445–460/MT FOB Singapore for 60/70 penetration grade. CFR India cargoes trade around $485–505/MT, depending on freight and cargo size.
Q2: Is Platts bitumen price the same as Argus?
No — Platts and Argus use separate methodologies, MOC windows, and cargo-size standards, so assessments typically differ by $2–6/MT. Platts is more widely referenced in Middle East and Asian term contracts, while Argus dominates some European and African tenders.
Q3: How often is the Platts bitumen price published?
Platts publishes bitumen assessments daily on business days through its Marketscan services, with monthly averages calculated for contract pricing. The daily print appears after the Asia MOC window closes at 17:00 Singapore time.
Q4: What grade does Platts assess for bitumen?
The primary benchmark grade is 60/70 penetration grade, the most traded globally. Platts also assesses 80/100 and 40/50 grades, plus polymer-modified bitumen (PMB) in select markets, with quality differentials of $5–25/MT between grades.
Q5: How do I convert Platts FOB price to CFR?
Add freight, insurance, and port charges to the FOB assessment. For example, FOB Bandar Abbas $425/MT + freight $40/MT + insurance $5/MT = CFR ~$470/MT. Always verify current freight rates, as they move 10–20% quarter to quarter.
Calculate Your Landed Bitumen Cost with 6Tar
Platts gives you the benchmark — but your real cost includes freight, insurance, port charges, LC fees, and inland logistics. Use the 6Tar cost calculator to convert any Platts FOB assessment into a full CFR/CIF landed cost per metric ton in seconds, across Bandar Abbas, Jubail, Singapore, and 40+ other hubs. Stop guessing your margin — run your next bitumen cargo through 6Tar before you quote.