Imported fuel oil at 1.2 yuan/litre and diluted bitumen by reference, about 1,200 yuan/tonne equivalent; in-quota crude looks better.

As of Oct 26, China’s non-state crude import quota utilization reached 83%; average clearance time for fuel oil and asphalt dropped to 2.1 days. Fuel oil futures surged +6.38% to ¥5,349/t; asphalt +3.61% to ¥4,766/t — quota tightening and faster customs clearance are triggering physical booking by bonded traders.

Fuel oil futures surged +2.29% to ¥4,922/t—the day’s strongest gain—while Brent and WTI edged down, signaling import quota constraints overriding macro softness. Authenticity verification for offshore re-sales raised compliance cost; bonded warehouse lock-up volume rose 17% w/w.

Fuel oil futures at ¥4,658/t (-5.48%), yet landed import cost stands at ¥4,852/t — a ¥194/t inversion; offshore resale authenticity verification now takes 3.2 working days (+12% vs Q3 avg), driven by stricter customs triad alignment checks (B/L–warehouse receipt–payment flow).

Fuel oil futures fell 2.12% to ¥4,852/t, yet landed cost rose due to tightened import quotas and stricter authenticity verification; USD/CNY weakened 0.06% to 6.6810, narrowing FX hedging headroom. Offshore re-sales now require matched tri-party docs + blockchain proof; ESG carbon footprint is a new gatekeeper.

Since June 2021, imported fuel oil and diluted bitumen carry consumption tax as refined-product items — roughly 1.2 yuan/liter, adding about 1,200 yuan/t to delivered cost. The levy erased much of the cheap-substitute-feedstock arbitrage and pushed refiners back toward quota-backed crude.

Fuel oil futures rose 1.26% to ¥4,827/t while asphalt fell 1.27%, signaling quota-driven premium for fast-turnover cargoes. USD/CNY edged down 0.03% to 6.6918, softening import cost rigidity. Pressure mounts on authenticity proof for offshore re-sales; blockchain bills of lading are now the de facto evidentiary anchor.

Per compliance rules, SNSUC never acts as the China-side crude import filing entity; an economically substantive offshore SPV signs the supply contract while Chinese refiners file and use their own quotas.

Asphalt futures fell 3.91% to ¥5,111/ton, yet constrained import quotas + stable USD/CNY (6.6935) lifted landed RMB cost by ¥217/ton. Fuel oil (+1.71%) and natural rubber (+2.08%) signal narrowing regulatory arbitrage — pressure now shifts to documentary proof of genuine offshore trade.