Three majors’ turnarounds pulled East China base oil utilization to 68.5%; imported HVI 150 spot at ¥8,240/t, a ¥365/t premium over domestic—widest in 3 months. Downstream demand recovers at the margin but don’t chase; lock forward prices now, spread compresses after Sept North China maintenance.

East China Group I base oil spot ¥4,280/t vs import parity ¥4,645—¥365/t spread, widest in 3 months, turnaround-driven. Utilization 71.3%; two North China hydrotreaters in Sept maintenance keep it tight. Lock forward prices now.

EU CBAM and downstream carbon-disclosure rules force cradle-to-gate accounting across petchem re-exports. SNSUC models full-lifecycle carbon for base oil/lubricants; paraffin (rising food-grade share) and butadiene rubber win green-premium orders via low-carbon routes, with digital warrants carrying carbon labels—feeding the platform's ESG tracking module.