Domestic Group II/III capacity trims import reliance while crude and FX reshape landed cost; bonded digital receipts compress working capital for base oil traders.

East China base oil refineries undergoing concentrated October maintenance: domestic N500 spot at ¥6,270/t, +CNY820 above import benchmark ¥5,450/t; fuel oil +3.71% signals rising heavy-feedstock cost; USD/CNY down 0.05%, slightly easing import settlement pressure.