In 2024, Iran’s once-dominant bitumen market collapsed due to a mix of internal and external factors. Reza Kavosh, Head of Trade at SMVS Trading, highlights the key causes: reduced exports to major markets like India and China, rising competition from Russia and Iraq, and Iran’s internal challenges such as currency depreciation and policy instability. India and China turned to discounted Russian crude oil, boosting their local bitumen production and reducing reliance on Iranian imports. Meanwhile, Iraq’s cheaper pricing and advanced refinery technologies further weakened Iran’s position. With these shifting dynamics, Iran’s bitumen market faces an uncertain future.