Among SNSUC's covered petroleum products, paraffin and microcrystalline wax are undergoing structural upgrading. Fully-refined paraffin's food-grade share has risen to 42%; high-melt grades (≥58°C) drive the export increment at +12% yoy; microcrystalline wax, with finer crystals and higher extensibility, sees steady demand growth in rubber protective coatings, cosmetic carriers and hot-melt adhesives. This upgrade moves paraffin from a 'general industrial feedstock' to a dual track of 'food-contact + high-value material'.

In parallel, base-oil Group II/III domestic share reaches 47%, with import premium narrowing ~2pp versus a year earlier and localization clearly accelerating; lube-oil competition shifts from 'base-oil supply' to 'additive-formulation autonomy', local-content ~34%. We judge that the twin 'high-value-add + domestic substitution' lines of wax and base oil will form a stable profit pool for H2-2026 re-export; traders should fold wax/base-oil combinations into the category matrix and attach digital warrants and ESG carbon labels to meet EU CBAM and downstream food/cosmetic client compliance.