The euro firmed again. At the Oct 18 European close EUR/USD reached 1.1239, up 0.1872 on the day, while EUR/CNY printed 7.5119, up 0.0799. European refiners buy crude in dollars, so a stronger euro means every Brent barrel costs more in local currency — the energy bill takes a direct hit from the move.

For SNSUC, some transshipment parcels are settled in euro. Euro revenue shrinks when converted to RMB, while the procurement side still pays Middle East FOB in dollars, leaving a currency mismatch on the table. This is not a negotiation bottom line; it is just a re-run of the books: hedge EUR/USD with forwards where possible, or shift to a single-currency structure (echoing the red line that offshore resale must stay within one bank and one currency).

Japan and Korea diverge. USD/JPY held flat at 157.99; USD/KRW printed 1333.58 with the won up 0.6%. The three Northeast Asian FX rates move on separate tracks, so the FX coefficient in the landed-cost formula has to be entered per currency — no lumping them under one "Asian rate".