The SNSUC quotation board prices crude off a fixed formula: the Brent USD quote multiplied by USD/CNY, by the 7.33 barrel-to-tonne factor, and by a grade coefficient. With Brent at $110.04/bbl and USD/CNY at 6.6613, the benchmark landed cost lands near RMB 5,373 per tonne. A week ago Brent was above $111.6 and the yuan near 6.70; together those moves shaved almost 2 percentage points off the CNY-denominated cost.

The formula is transparent by design. Refiners and traders do not guess the daily tag — they read live quotes and back out the number. The grade coefficient spreads the seven transshipment grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — across tiers by acidity, density and sulfur, so the tag tracks the market without breaking from the benchmark.

For transshipment margin, a stronger yuan is a hidden cushion. Brent fell 1.43% on the day, but the yuan appreciated about 0.6% alongside it, widening the CNY-cost decline and giving SNSUC more room on STS-anchorage delivered quotes.