FX overnight: USD/CNY 6.6667 (-0.0075, RMB firmed slightly), EUR/CNY 7.415 (-0.0216), EUR/USD 1.1124 (-0.018); USD/JPY 157.92 (+0.0063, yen eased a touch) and USD/KRW 1,338.61 (+0.9289, won weakened visibly).

The RMB and euro both strengthened against the dollar while the yen and won softened, so a dollar-priced delivered cost converts cheaper into RMB but dearer into won. The same Middle East cargo shows a different local-currency delivered price to a Korean buyer than to a Chinese buyer — the gap is pure FX direction.

Operational read: do not apply one uniform FX coefficient across delivery destinations. Lock the RMB leg at 6.6667, leave room for won depreciation near 1,338, and pass the yen leg through roughly flat.