Fuel oil closed at 4,747/t CNY (-1.02%) and bitumen at 4,472/t CNY (-0.82%). Both fell, yet fuel oil moved back above bitumen, flipping the FO-BIT spread from -579/t CNY at the month's start to +275/t CNY. Feeding fuel oil into delayed cokers becomes less economic, and the marginal supply of petroleum coke and paraffin shifts with it.

Paraffin futures at ¥7,280/t (-2.30%), petroleum coke at ¥2,910/t (+1.82%); spread widens to ¥4,370/t — widest year-to-date inversion. Export arbitrage window tightens to ¥3,650/t, down ¥420/t w/w. Weak asphalt & fuel oil prices compress heavy-oil cracking margins; paraffin demand slumps in lighting & packaging segments, while coke sees accelerated destocking on aluminum smelter winter procurement and export VAT rebate support.

Paraffin: ¥8,210/t (-1.32%); petroleum coke: ¥2,965/t (+0.47%); port stocks at 423kt (+1.8% w/w). FOB Busan paraffin quotes fell below landed cost; power plant procurement slowdown accelerated coke accumulation.