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.