Same heavy-fuel chain, but road-side bitumen entered the off-season while bonded bunker fuel oil is restocking. Independent refiners re-allocate residue between coking and bunker blending; the crack spread widened yet the profit lands elsewhere.

Fuel oil at RMB 4,529/t, bitumen at 5,259/t, natural rubber at 20,980/t and butadiene rubber at 16,795/t on October 10. No daily change flags, yet the absolute spreads show two chains with wholly different pricing logic.