Domestic Group II/III capacity trims import reliance while crude and FX reshape landed cost; bonded digital receipts compress working capital for base oil traders.

Base oil import parity bottoms on Brent and the exchange rate; with Brent at $110.04 and USD/CNY 6.6613 the USD landed cost eases, and Botavia's 100-tonne SN150/SN500 trial through Long Beach extends the lubricant line into North America.

Brent 110.194 and a firm USD/CNY 6.6675 cut SN150/SN500 import landed cost; the Botavia Energy 100 MT trial to Long Beach tests bill-of-lading verification and dollar settlement.

Base oil (SN150/SN500) import parity tracks Brent closely. With Brent at $110.503 and USD/CNY easing to 6.6683, dollar-quoted base oil cargoes translate into lower CNY cost. The CNY side of SNSUC's 100-ton SN150/SN500 trial order to Botavia gets more room to breathe.

HVI 150 spot price in East China rose, while import parity remained stable, narrowing the spread; China’s refinery input remains high, yet structural supply tightening is emerging.

Brent fell 1.36% to USD 110.12/bbl; WTI fell 1.24% to USD 101.51/bbl; fuel oil front-month price rose, asphalt strengthened; the landed duty-paid cost of base oil N500 narrowed its discount against domestic mainstream quotations, confirming the opening of the import window. Refinery maintenance rates in East China rose, and lubricant blending plants shifted raw material procurement toward bonded warehouse receipts.

Brent crude stands at USD 110.122/bbl and USD/CNY at 6.6781, lifting landed base oil cost; the N350–fuel oil futures spread has widened to a recent high. Refinery outages have intensified import substitution pressure.

East China base oil refineries undergoing concentrated October maintenance: domestic N500 spot at ¥6,270/t, +CNY820 above import benchmark ¥5,450/t; fuel oil +3.71% signals rising heavy-feedstock cost; USD/CNY down 0.05%, slightly easing import settlement pressure.

East China base oil refinery utilization remains weak; elevated Brent crude prices and USD/CNY exchange rate volatility pressure landed import costs, resulting in a price inversion relative to domestic mainstream levels. Rising fuel oil prices signal marginal pressure on heavy-oil processing; lubricant blenders shift to bonded-zone imported base stocks.