East China base oil refinery utilization falls to 62.3% (industry consensus), while Brent at $103.30/bbl and USD/CNY at 6.6929 push landed import cost to ¥3,650/t — ¥420/t below domestic mainstream price. Fuel oil +2.0% signals marginal pressure on heavy-oil processing; lubricant blenders shift to bonded-zone imported base stocks.