Petrochemicals enter the national ETS in 2027 at a carbon price near ¥90/t; EU CBAM enters its payment phase, internalizing carbon cost for rubber and lubricant exports. Base-oil carbon intensity falls to 1.7 tCO2e/t as digital warrants carry carbon labels on-chain, letting cross-border buyers verify product footprints with one click. Treat the carbon label as a new pricing factor in re-export.