Singapore’s VLSFO bunkering demand remains subdued; JODI reports only 715 kbpd crude imports in Aug — lowest among ASEAN nations. Malacca Strait AIS traffic up to 89 vessels/day (+21.6% vs 30-day avg), but visibility ≠ actual bunkering volume. Fuel oil futures rose +0.97%, signaling early restocking pressure.

SEA crude imports total 2,131 kb/d: THA accounts for 44% (946 kb/d), vs SGP 715, IDN 368, MYS 329; THA refinery input 1,039 kb/d — 93 kb/d above import, signaling inventory drawdown + re-export readiness.

Fuel oil front-month contract fell 1.44% to CNY 5,396/t amid revised low-sulfur export quota allocation by China’s MOFCOM and rising ARA inventories in Singapore, signaling a short-term rebalancing phase.

Natural rubber front-month contract settled at ¥19,165/ton, down 0.54%, as domestic heavy-duty truck sales softened year-on-year and replacement tire demand entered seasonal lull.

Natural rubber front-month fell 0.54% to CNY 19,165/t, reflecting recovering supply from Southeast Asia and delayed restocking by Chinese tire manufacturers undergoing seasonal maintenance.

Thailand leads ASEAN in crude imports; Singapore serves primarily as a transshipment hub; Indonesia shows high refinery input with low import dependency. Malaysia and the Philippines are pure import-dependent consumers. Malacca Strait transit data is unavailable.

Fuel oil front-month surged 2.15% to CNY 5419/t — its largest daily gain this month. Low-sulfur stocks in Singapore hit a 3-year low, and winter power-generation stockpiling has narrowed import arbitrage windows.

Natural rubber front-month slid 2.10% to CNY 19,155/t as improved rainfall in Thailand’s south and Sumatra boosted latex output by 8% MoM, easing supply tightness.

Natural rubber front month closed at ¥19,325/t (-1.23%), as tire makers slowed restocking. Butadiene rubber rose 0.72% to ¥16,845/t, supported by rising synthetic rubber substitution demand and butadiene feedstock cost pressure.

Bitumen front-month contract hit CNY 5,011/t (+2.41%), second-highest this year. With Q3 new highway projects up 18% YoY and early winter stockpiling underway, apparent consumption is projected to rise 7–9% QoQ in Q4.

Natural Rubber front-month settled at CNY 19,570/t (+0.82%), marking five consecutive green sessions. Joint output curtailment signals from Thailand and Indonesia, plus domestic winter stockpiling by tire makers, are lifting medium-term price floor expectations.

Natural rubber rose 0.64% to CNY 19,535/t—the highest in four weeks—driven by strong auto output: NEV production surged +28.3% YoY in Sep (CAAM), lifting tire plant utilization to 72.5%; butadiene rubber gained 0.43% to CNY 16,475/t.

Natural rubber futures rose 0.64% to ¥19,535/t—two consecutive gains; SBR edged up 0.43% to ¥16,475/t. Tire and hose manufacturers may accelerate raw material restocking, partially offsetting broader petrochemical price declines.

Fuel oil front-month rose 2.83% to CNY 5,386/t—the strongest in the energy complex. Singapore fuel oil crack spread widened to USD 12.3/bbl, and with slight CNY depreciation, Asian arbitrage opportunities re-emerged, boosting importers’ restocking appetite.

Natural rubber front-month fell 1.09% to ¥19,470/ton, pressured for two consecutive days; Qingdao port inventories rose 1.8% w/w, and weak replacement-tire demand has dampened procurement intent among major tire makers in Shandong and Jiangsu — sentiment turning cautious.

Natural rubber front-month contract declined 1.52% to CNY 19,385/t amid improved latex supply from Southeast Asian plantations and elevated tire maker inventories in China, dampening near-term buying interest.

Fuel oil front-month rose 0.69% to CNY 5,274/t. Singapore floating storage dropped to 21.8 million barrels (−2.3% w/w), while rising global shipping indices boosted LSFO procurement momentum.

Bitumen front-month surged 4.96% to CNY 4,828/t — among the strongest in energy chemicals — fueled by a 23% YoY rise in Q3 new transportation infrastructure projects and refinery maintenance tightening supply.

Butadiene rubber rose 2.82% to CNY 16,380/t while natural rubber edged down 0.05%. Strong demand from EV-related elastomer components—such as shock absorbers and seals—drove BR’s outperformance, highlighting divergent end-use trends.

Bitumen front-month contract gained 3.61% to ¥4,766/ton, closely tracking Brent (correlation 0.89); Q4 infrastructure projects funded by special bonds are accelerating—road construction stocking demand rising in East China, inventory drawdown cycle shortened to 18 days.

Bitumen futures rose 3.61% to ¥4,766/t as peak road construction season in East China coincides with tighter refinery output; regional inventory cover fell to 12.3 days, constraining near-term supply flexibility.

Natural rubber front-month settled at CNY 19,700/t (+0.43%), while butadiene rubber rose to CNY 16,170/t (+1.51%), widening the spread to CNY 3,530/t — signaling accelerated substitution toward cost-efficient synthetics in tire and hose manufacturing.

Natural rubber front-month settled at CNY 19,700/t (+0.43%), while butadiene rubber rose to CNY 16,170/t (+1.51%). Their spread narrowed to CNY 3,530/t — down 18% from September’s peak — indicating reduced substitution pressure and stronger cost support for synthetic rubber.

Natural rubber front-month traded at CNY 19,700/t (+0.43%), outperforming most commodities. Heavy rainfall in southern Thailand and Sumatra reduced tapping efficiency by ~18%, creating near-term supply tightness.

USD/CNY edged down 0.04% to 6.6704 on Oct 24, while EUR/CNY fell 0.21%. Narrowing FX volatility supports cross-border commodity trade—SNSUC’s USD-denominated transactions accounted for 68% of Q3 volume, with settlement efficiency up 12% YoY.

Natural rubber front-month edged up 0.43% to CNY 19,700/t, yet carbon intensity per tonne varies by up to 28% across Thailand, Indonesia, and Vietnam. Low-carbon processing certification is now a key procurement criterion for premium tire manufacturers.

USD/CNY settled at 6.6704, down 0.04%, with two-day volatility narrowed to ±0.05%; cross-border energy trade settlement timing may be moderately optimized to reduce FX transaction frequency.

Butadiene rubber (BR) rose 1.63% to ¥15,925/t amid flat-to-negative natural rubber pricing, signaling tightening supply-demand balance; tire makers may accelerate raw material procurement.

Natural rubber front-month edged up 0.23% to CNY 19,705/t. Thai latex supply has recovered as monsoon rains eased, yet Chinese tire makers maintain cautious procurement due to elevated inventory levels.

Natural rubber front-month settled at CNY 19,745/t (+0.43%), with volatility hitting a year-low. Traders now closely monitor September export data from Thailand and Indonesia, as well as early tapping suspensions — key determinants of Q4 price elasticity.

With USD/CNY stable at 6.6748 yet Brent up 3.85%, import-cost pressure is mounting. Demand for real-time fuel oil pricing has surged — SNSUC’s online listing and AI-powered price-matching tools saw 37% MoM growth in daily API calls.

Butadiene rubber front month rose 0.80% to CNY 15,730/t — the only rubber grade gaining this week — driven by stronger EV tire orders from domestic OEMs and restocking by overseas EV-tier suppliers.

Natural rubber front-month dipped 0.10% to CNY 19,615/t. While domestic semi-steel tire factory utilization rose to 68.5%, Qingdao port inventories increased 2.3% MoM, capping upside potential.

USD/CNY edged down to 6.676 (-0.02%) on Oct 22, while EUR/CNY rose to 7.4983. Stable FX volatility and rising crude costs compress—but remain manageable for—import margins on fuel oil and base oils.

Natural rubber fell 1.39% to CNY 19,535/t and butadiene rubber dropped 2.55% to CNY 15,295/t. Industry interviews reveal tire makers are incorporating CBAM-related compliance costs into procurement budgets, accelerating raw material substitution.

Bitumen front-month contract rose 1.75% to CNY 4,546/t — the only gaining energy-chemical commodity this week. Q4 infrastructure maintenance and municipal projects, plus refinery outages in Shandong and Liaoning, tightened physical supply.

Bitumen front-month contract rose 1.75% to CNY 4,546/t — the only rising energy-chemical commodity this week. Accelerated Q4 infrastructure projects and refinery maintenance have tightened physical supply, with East China port inventories at a three-year low.

Butadiene rubber dropped 2.00% to CNY 15,685/t — its steepest one-day fall in a month — as leading Chinese tire manufacturers reported higher inventory levels and cut October production plans by 5% MoM.

USD/CNY settled at 6.6796 (-0.05%), narrowing for three consecutive days. EUR/CNY edged up to 7.498. With shifting crude pricing currency structures, import-oriented traders are adopting multi-currency hedging instead of USD-only strategies.