Natural rubber closed at CNY 20,095/t and butadiene rubber at CNY 16,000/t, both parked in the upper end of their yearly range, while bitumen at CNY 5,013/t and fuel oil at CNY 4,434/t stayed moderate.

The split shows the downstream does not simply track crude. Rubber answers to Southeast Asian weather and tire-plant run rates; bitumen follows pavement seasonality; fuel oil hinges on bonded bunker demand and refinery maintenance — three separate drivers.

On SNSUC's 13-category platform a per-grade ledger beats watching one Brent quote. Rubber and bitumen build their landed cost on two different logics even on the same day, and mixing them only distorts inventory turnover.