East China’s key bonded terminals (Yangshan, Ningbo, Zhoushan) report 92% tank utilization — up 3.7 pts w/w and within 3 pts of the 95% critical threshold. This coincides with fuel oil futures at ¥4,434/t (+0.36%), where open interest rose 18%, signaling importers rushing to secure storage slots ahead of tightening vessel slots. Asphalt futures plunged ¥182/t to ¥5,013/t (-3.50%), the steepest one-day drop in three weeks, reflecting early end to road-construction season and refineries diverting vacuum residue toward low-sulfur fuel oil — slashing asphalt off-take. The fuel oil–asphalt spread hit ¥579/t, well above the (industry norm) 320±60 ¥/t historical average, confirming liquidity collapse inside tanks: fuel oil sits idle for re-export while asphalt piles up. Demurrage spiked to $38,500/day (+12.3% vs Sep avg of $34,280), driven by Ningbo port’s avg berth waiting time extending to 72 hrs (+19 hrs) and anchored vessels at Zhoushan rising to 14 (+5). With USD/CNY flat at 6.7050, RMB-denominated demurrage hedges offer no relief; EUR/USD at 1.1253 lifts euro-based charterers’ USD outlay. For SNSUC clients: fuel oil traders must execute discharge within 48hrs or absorb 0.87% gross margin erosion per day ($102.65/bbl equivalent). Asphalt importers facing <3-day order matching risk falling below 1.2 turns/month — triggering bonded warehouse overstay fees. Upside risk: Brent > $104.50 triggers Middle East loading delays, compressing East China arrival windows further. Downside trigger: asphalt < ¥4,850/t may spark ad-hoc infrastructure restocking, freeing ~80kt of tank space. Action: activate SNSUC’s T+1 offshore delivery protocol for fuel oil to lock in 3-day demurrage-free window at Zhoushan; asphalt buyers deploy SNSUC’s blockchain-enabled warehouse receipt splitting — converting one 5,000t receipt into ten 500t tradable sub-receipts to accelerate end-user matching.