The clearest signal in FX today was a softer dollar. The RMB strengthened to 6.6704 (dollar down 0.039 points), the won to 1,323.2 (dollar down 0.13 points), and EUR/USD eased to 1.1202. The yen was the outlier — USD/JPY at 156.86 actually ticked up 0.06, showing the currency is still pinned by the rate differential.

For SNSUC's CIF math, the exchange rate moves the local-currency cost more directly than the crude spread. A stronger RMB lowers the RMB-denominated landed cost for Qingdao and Long Beach procurement; a stronger won helps the Busan transshipment leg settled in won; a weaker euro trims the euro-priced European freight conversion.

The flat yen means Japan-market CIF is essentially unchanged, but since Korea and Japan sit in the same Northeast Asian transshipment loop, the won's solo gain widens the CIF gap between the two. Re-run today's Northeast Asian lines at 6.6704 / 1,323.2 / 156.86 rather than last week's rate assumptions.