Fuel oil futures rose 2.54% to ¥4,476/t; asphalt up 1.53% to ¥5,294/t; East China port tank utilization >92%, demurrage surges to ¥3,650/day (+18% w/w); economic haul distance for regional arbitrage contracts to <300 km.

Asphalt futures at CNY 5,168/t (−0.37%), yet ESG compliance cost is now embedded in export pricing: SNSUC’s carbon accounting model adds CNY 168/t for data collection, third-party verification, and blockchain attestation—3.2% of current quote. Fuel oil (+0.35%) and butadiene rubber (−3.84%) divergence confirms pricing power shift toward low-carbon grades.

Asphalt peak season is ending—no surprises: front-month ¥4,748/t down three weeks, East China utilization cut to 62.3% (3-mo low), social drawdown slowed from 1.8%/wk to 0.9%/wk. Import landed cost ¥62–92/t below domestic; arb window shut. Contractors draw down inventories, traders skip forward builds.