According to WPB, China's domestic bitumen market recorded another significant price decline on November 11, 2026, as weakening seasonal demand and growing competition among suppliers continued to pressure physical market quotations. The assessed average price of 70# road-grade bitumen fell by 95 yuan per metric ton, or 1.6%, to 5,787 yuan per ton, compared with 5,882 yuan on November 10. Jiangsu and Zhejiang recorded the steepest declines among the major markets highlighted in the latest assessment.
The decline extended a broader correction in China's bitumen market during the first half of November. The same national market assessment stood at 6,088 yuan per ton on November 6, indicating a cumulative reduction of 301 yuan, or approximately 4.9%, by November 11. The continued downward movement reflects increasing pressure on selling prices as the market moves further into the winter construction period.
Eastern China experienced some of the most pronounced adjustments. In Jiangsu Province, the assessed price of 70# bitumen dropped by 180 yuan per ton, falling from 6,030 yuan to 5,850 yuan. The decline was equivalent to approximately 3%, significantly exceeding the national average percentage change.
The Jiangsu market has been affected by lower selling prices for material held in commercial storage facilities. Local refinery production remained intermittent, while buyers increasingly focused on competitively priced inventory. Refinery-related price adjustments and discounted offers from distributors contributed to the downward movement in regional transaction values.
Zhejiang recorded an even larger absolute reduction. The provincial market assessment fell by 190 yuan per ton, from 6,240 yuan to 6,050 yuan, representing a decline of approximately 3%. Regional trading activity continued, but buyers concentrated on immediate requirements and available commercial inventories rather than expanding their purchases at higher prices.
The developments in Jiangsu and Zhejiang highlight the pressure facing bitumen suppliers in eastern China. Even with some refineries operating intermittently and inventory pressures remaining manageable, competition from available stocks and limited purchasing interest at higher price levels have contributed to lower transaction prices.
Shandong, another major center of Chinese bitumen production and distribution, also recorded a decline. The provincial assessment fell by 85 yuan per ton, from 5,785 yuan to 5,700 yuan, representing a decrease of approximately 1.5%. Competition among refinery brands and the availability of relatively lower-priced material continued to influence regional selling conditions.
In Hebei Province, the price of 70# bitumen decreased by 80 yuan per ton to 5,750 yuan, compared with 5,830 yuan in the previous assessment. This represented a decline of approximately 1.4%, extending the price correction into northern China.
The latest movements reflect a combination of seasonal demand weakness and competition among suppliers. As temperatures fall and road construction activity slows in northern regions, demand for paving-grade bitumen typically declines. In other areas, buyers have continued to prioritize competitively priced supplies and purchases linked to immediate project requirements.
Inventory developments provide additional context. As of November 9, bitumen inventories held at Chinese refineries totaled approximately 373,000 metric tons, an increase of 9,000 tons from November 5. Commercial storage inventories, meanwhile, declined by 14,000 tons to approximately 356,000 tons during the same period. The contrasting movements indicate that inventory conditions differ between refineries and distribution channels.
Market sentiment also weakened. A survey of 35 refinery and trading participants found that 26 respondents, representing approximately 74%, expected prices to decline, while the remaining nine expected stability. The results illustrate the cautious purchasing environment and the pressure on suppliers to maintain sales as seasonal demand slows.
The latest quotations refer to China's domestic physical market for road-grade bitumen. They are regional market assessments rather than international FOB or CFR export prices. Consequently, the reductions should be distinguished from changes in prices for imported bitumen, which also depend on origin, product specifications, packaging, freight, customs charges, and destination.
For Chinese asphalt producers and road contractors, lower domestic bitumen prices reduce the assessed cost of a key raw material used in asphalt mixtures. For refiners and distributors, however, the decline places greater pressure on selling margins and inventory management, particularly in regions where competing suppliers are offering lower prices.
The developments are also relevant to international bitumen suppliers serving China. Lower domestic quotations affect the competitive environment for imported products, particularly when buyers compare locally available bitumen with delivered international offers. Regional pricing differences and transportation costs remain important considerations when assessing the relative competitiveness of domestic and imported supplies.
The November 11 assessment confirms that the downward correction has spread across several major Chinese markets, with Jiangsu and Zhejiang recording particularly sharp declines. The combination of weaker seasonal demand, competitive selling conditions, and changing inventory levels has pushed the national 70# bitumen average to 5,787 yuan per ton, reinforcing the softer market environment observed during the first half of November.
For the global bitumen industry, the latest Chinese figures provide a significant indication of changing domestic market conditions in one of Asia's major bitumen-consuming countries. Continued movements in Chinese refinery prices, commercial inventories, and road construction demand will remain important factors in evaluating regional bitumen trade and price competitiveness.
By WPB
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