Bitumen front-month contract fell 3.50% to CNY 5,013/t — its steepest single-day drop since July — driven by negative refining margins at Shandong independent refineries and an 8.2% MoM decline in municipal infrastructure project starts nationwide.

Moving excise from production to wholesale/retail frees tied-up capital for independents but closes the invoice loophole, making re-export landed cost explicit.

The annual non-state crude import allowance caps independent refiners' feedstock. When quotas tighten, ESPO and Urals spot cargoes fill the gap — exactly where SNSUC's seven transshipment grades plug in.