N150 base oil–WTI spread widens to CNY 820/t (+12.3%), the widest in 6 months; fuel oil futures surge 2.54% to CNY 4,476/t, lifting blending costs amid refinery turnarounds. SNSUC data shows N150 spot premium at Shanghai FTZ bonded warehouses up to +CNY 180/t — import arbitrage is now economically viable.

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.

Domestic Group III base-oil operating rate rises to 71%, with key viscosity-index and oxidation-stability bench tests on par with imports; paired with on-chain carbon labels, local Group III earns a 1%–2% premium in re-export pricing, cutting reliance on Middle East and Korean imports.

Fully-refined paraffin food-grade share rises to 42%; microcrystalline wax gains in rubber protection and cosmetic carriers; exports +12% yoy with high-melt and food-grade specs driving the increment. Base-oil Group II/III domestic share reaches 47%, import premium narrows and localization accelerates. Traders should fold wax/base-oil combinations into the re-export category matrix to meet ESG carbon-label demand.

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.

Domestic Group II/III base-oil capacity is ramping, lowering import dependence; spreads and certification drive substitution speed. SNSUC lists base oil, white oil and liquid paraffin together for downstream lubrication buyers.