According to WPB, India's domestic bitumen market entered November 2026 with another increase in refinery-linked selling prices, extending the upward trend recorded throughout October. Market data show that HPCL–HINCOL-linked bitumen prices at the Visakhapatnam (Vizag) terminal in Andhra Pradesh increased from November 1, affecting conventional viscosity grades, packaged bitumen, and crumb rubber modified binders. Bulk VG30 rose to ₹85,440 per metric ton, while VG40 reached ₹92,490 per metric ton.
The latest adjustment follows two substantial price increases during October and adds further pressure to bitumen procurement costs for asphalt producers, road contractors, and distributors. Although the November increases are smaller than the preceding revisions, they indicate that the domestic market has not returned to the pricing levels recorded before October.
According to the reported Visakhapatnam terminal prices, bulk VG30 increased by ₹1,180 per metric ton, from ₹84,260 on October 16 to ₹85,440 on November 1, representing an increase of approximately 1.4%. Bulk VG40 recorded a larger absolute increase of ₹1,350 per ton, rising from ₹91,140 to ₹92,490, equivalent to approximately 1.5%.
The increase also extended to VG10 and packaged products. Bulk VG10 rose by ₹1,180, from ₹84,360 to ₹85,540 per metric ton. Packaged VG10 increased from ₹92,810 to ₹93,990, while packaged VG30 climbed from ₹93,610 to ₹94,790 per ton. Both packaged grades recorded increases of ₹1,180 per metric ton.
All figures refer to market-reported prices at the Visakhapatnam terminal and are expressed in Indian rupees per metric ton. They should not be interpreted as nationwide average bitumen prices or as CFR quotations for imported material.
Modified bitumen products also recorded increases. CRMB55 rose by ₹1,010 per metric ton to ₹84,840, while CRMB60B increased by ₹1,040 to ₹85,530 per ton. These adjustments show that the latest price revision extends beyond conventional paving bitumen to specialized binders used in road construction.
The latest revision follows a period of significant price growth in India's domestic bitumen market. Earlier in October, market-reported VG30 prices at Visakhapatnam increased from ₹73,570 per metric ton in the second half of September to ₹78,140 from October 1, before reaching ₹84,260 on October 16.
With the latest adjustment, VG30 has reached ₹85,440 per metric ton, approximately 16.1% above its September 16 level. Bulk VG40 has followed a similar trend, increasing from ₹78,870 in the second half of September to ₹92,490 on November 1, a cumulative increase of approximately 17.3%.
These cumulative changes are more significant for procurement planning than the November adjustment alone. Contractors purchasing large quantities of paving bitumen are now facing materially higher costs than those prevailing several weeks earlier, particularly where project budgets or supply agreements were based on previous refinery-linked prices.
The timing is relevant to India's road construction industry as paving activity typically recovers following the monsoon season. Higher bitumen prices during this period may increase working-capital requirements for contractors and asphalt manufacturers purchasing materials for ongoing projects.
However, the November price revision does not by itself establish the scale of current demand or prove that refinery output has declined. Determining the main drivers of the increase would require additional evidence concerning feedstock costs, refinery production, inventories, and physical purchasing activity.
The increase in domestic bitumen prices could also influence the relative competitiveness of imported material. Buyers may reassess the cost of sourcing bitumen from international suppliers when domestic procurement prices rise.
Nevertheless, imported bitumen prices cannot be compared directly with the Visakhapatnam terminal figures. International quotations may be expressed in US dollars on CFR terms, while the reported domestic prices are denominated in Indian rupees and relate to a specific supply location. A valid comparison must account for exchange rates, customs duties, applicable taxes, port handling, inland transportation, packaging, and differences in product specifications.
The distinction between viscosity grades and penetration grades is particularly important. VG30, VG40, and penetration-grade bitumen are subject to different technical specifications, and their quoted prices should not be treated as interchangeable without verifying compliance with the buyer's requirements.
The latest figures are based on commercial market reporting rather than a publicly verified November 1 HPCL or HINCOL corporate price circular. Other industry listings have not uniformly reflected the new bulk quotations, making independent confirmation of applicable transaction rates important for buyers.
For road contractors and suppliers, the immediate issue is whether further price adjustments will follow during November. Additional increases could place further pressure on project budgets, particularly where procurement schedules require large purchases over a short period.
The early-November revision confirms that upward pressure on reported domestic bitumen prices has continued beyond October. Its broader implications for India's import demand, refinery supply, and road construction costs will depend on subsequent price changes and the availability of competitively priced material across different regional markets.
By WPB
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