East China HVI 150 spot at ¥8,240/t (+2.1%), import parity ¥7,875/t; spread narrows to ¥365/t. Domestic refinery utilization falls to 71.3% (-2.8pct) amid Sinopec Maoming & Zhenhai turnarounds. Fuel oil +6.38% signals feedstock procurement pressure flowing into base oil supply chain.