This morning front-month fuel oil printed ¥3,650/t (-0.54%) against bitumen at ¥4,610/t (+0.30%), widening the spread to about ¥960/t; platform reference prices for base oil, paraffin wax and petroleum coke stand at ¥7,939, ¥7,983 and ¥2,383/t respectively. Qingdao is building a smart regulatory service platform for international vessel bunkering while deepening 'one ship, multiple suppliers' and cross-terminal bonded bunker supply; Zhoushan targets 55 million cubic metres of oil storage by 2030 and greater influence for its fuel oil price index. Terminal choice and sampling cycles are shifting from compliance items to cost items, reshaping quote structures across SNSUC's petroleum-products line.