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.

Bitumen futures at CNY 5,168/t exactly matches the ESG-driven export floor price; fuel oil +0.35% failed to lift bitumen, confirming carbon cost is now a hard pricing floor. USD/CNY at 6.7114 erodes importer leverage; butadiene rubber -3.84% highlights bitumen’s ESG-induced price stickiness.

Asphalt futures at CNY 5,168/t (−0.37%), yet ESG compliance cost is now embedded in export pricing: SNSUC’s carbon accounting model adds CNY 168/t for data collection, third-party verification, and blockchain attestation—3.2% of current quote. Fuel oil (+0.35%) and butadiene rubber (−3.84%) divergence confirms pricing power shift toward low-carbon grades.

Tank utilization at major East China ports hits 91.4%, a YTD high, driven by accelerated turnover of fuel oil and asphalt inventories; demurrage fees surge 18% day-on-day amid USD/CNY rising to 6.7117. Fuel oil futures up 4.70% to ¥4,119/t, signaling deteriorating regional logistics economics.

Three majors’ turnarounds pulled East China base oil utilization to 68.5%; imported HVI 150 spot at ¥8,240/t, a ¥365/t premium over domestic—widest in 3 months. Downstream demand recovers at the margin but don’t chase; lock forward prices now, spread compresses after Sept North China maintenance.

Paraffin export at ¥7,140/t (+1.32%) hits 3-wk high, margin real—lock FOB through end-Sept. Petroleum coke East China port stocks 82.6% (2nd highest YTD); skip spot, use forward + inventory swap. Two byproducts from one coker sit at totally different economics.

Fuel oil tank utilization at major East China bonded terminals reached 89.2%, a YTD high; front-month futures rose 0.93% to ¥3,900/t, while demurrage fees spiked 17% to $32,500/day. Asphalt loading wait times at East China refineries extended to 42 hours on average, straining regional logistics economics.

As of Sep 2, 2026, average tank utilization at major East China bonded oil terminals reached 92.3%, a YTD high; fuel oil futures surged 4.46% to ¥3,979/t, signaling rapid release of storage premium; Shanghai port fuel oil vessel demurrage rose to $18,500/day (+22.5% w/w), sharply compressing regional arbitrage economics.