No paraffin price quote available today — zero trades, export window effectively closed. Two drivers: first, EU REACH Annex XVII wax migration limits entered full enforcement on Oct 1; Rotterdam port has rejected full-container shipments lacking SGS migration test reports. Second, EUR/CNY at 7.5406 raised euro-denominated export costs by ~¥280/t (per 0.8 exchange elasticity). Paraffin-fuel oil spread narrowed to ¥1,421/t (fuel oil at ¥4,434/t → implied paraffin value ≈ ¥3,013/t), 21% below (industry norm) long-term avg of ¥1,798/t — triggering refinery cuts: Shandong local refiners cut paraffin output by 12% w/w. Petcoke port inventory hit 86%, highest in 2026. Aluminum smelters delayed procurement: Weiqiao and Xinfeng postponed anode block tendering into October; meanwhile, US/Middle East imports rose 18% w/w, with Oman-origin coke accounting for 63% of total imports. Crucially, asphalt’s -3.50% plunge to ¥5,013/t suppressed delayed coking unit runs — Sinopec Zhenhai & Maoming coking utilization fell to 68% and 63%, down 9–11 pts from Sep avg, amplifying petcoke supply overhang. SNSUC transshipment clients report: offshore paraffin documentation review now takes 5.2 workdays, driven by EU importers mandating EN16128 compliance statements; petcoke inquiries concentrate on FOB Qingdao/Rizhao, but buyers demand sub-¥2,950/t to sign — ¥320/t below last month’s avg deal price. Risk: if Brent holds >$102.50/bbl, Middle Eastern refiners will accelerate crude slate shifts, boosting petcoke supply; if EUR/CNY breaches 7.58, paraffin export losses widen across all grades. Action: pause new offshore paraffin contracts; liquidate bonded warehouse stock first. For petcoke, fix Q4 vessel slots now — accept ¥2,980/t floor to hedge inventory depreciation.