Today's FX mix sends a split signal for arrival cost. USD/CNY printed 6.6973, with the yuan marginally softer; USD/JPY at 158.72 keeps the yen on its weak leg; USD/KRW at 1,338.7 actually shows the won firming. The three lines disagree, so you cannot simply say a strong dollar makes everything expensive.

For a book that prices crude in dollars and settles the domestic leg in yuan, the marginal yuan softness lifts the RMB cost per tonne of arrivals, but the move is tiny — single-vessel impact sits in the low thousands of yuan. A weaker yen, by contrast, weighs on Japanese buyers' local-currency procurement, so our Northeast Asia transfer pricing has to be recomputed on a yen basis.

The firmer won is a counter-buffer: Korean refiners pay less local currency for dollar cargoes, which hands us a sliver of pricing room. On the euro side, EUR/USD fell to 1.1144 and EUR/CNY to 7.454, with the euro asset leg softening; batches priced off euro-line freight need a fresh check.