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Research Articles · Updated 2026-09-15
Yen and won weaken together, rebalancing Northeast Asian refinery feedstock cost and regional competitiveness
USD/JPY rose to 154.90 and USD/KRW to 1356.6 as the yen and won weakened in tandem. A softer local currency raises dollar-denominated crude feedstock cost for Japanese and Korean refiners yet strengthens their product export price edge, forcing a recalculation of regional arbitrage.
On-chain title for re-export cargo: from bill-of-lading endorsement to tamper-proof SHA-256 records
Re-export title transfer has long relied on bill-of-lading endorsement and telegraphic release, with many hand-offs and dispute risk. Recording each title transfer on-chain with a SHA-256 hash and timestamp keeps ownership clear and auditable across multiple resales of the seven re-export grades.
Butadiene easing behind softer BR is rewriting the tire blender's mix ledger
Butadiene rubber fell 1.36% to CNY 14,505/t as domestic butadiene units lifted run rates and eased the cost base, while natural rubber gained 0.24%. The widening gap restores butadiene rubber's cost edge in tire compounds, and buyers should rerun their blend ratios.
Third batch of product export quotas looms as the dual licensing regime reshapes Asian product arbitrage
China allocated roughly 31.9 million tonnes of product export quotas across two batches in 2026 to seven entities, with the third batch due by end-Q3. The domestic diesel crack reached CNY 1,225/t, a five-year high, while overseas cracks hit $150–160/bbl, opening an export margin that indirectly weighs on Asian distillate premia.
Crude stalls, rubbers split: the structural divergence in today's close
Brent settled at $105.55/bbl, down 0.12%, while WTI rose 0.10% to $101.50, narrowing the transatlantic spread to $4.06. Natural and butadiene rubber moved in opposite directions, widening their daily spread to 2.6 percentage points.
East China Tankage Tightness Lifts Demurrage to ¥3,650/day
Fuel oil futures rose 2.54% to ¥4,476/t; asphalt up 1.53% to ¥5,294/t; East China port tank utilization >92%, demurrage surges to ¥3,650/day (+18% w/w); economic haul distance for regional arbitrage contracts to <300 km.
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