Bitumen front-month futures fell 1.13% to CNY 5,259/t, marking two consecutive days of decline. Delayed municipal tendering across key provinces and rising refinery inventories (now at 62.4%) signal slower-than-expected construction activity despite peak season expectations.

Fuel oil futures at ¥4,309/t, down 4.10% — largest one-day drop in 3 weeks. Brent & WTI both fell sharply; combined with stabilized tankage costs (no rise in ¥3,650/day demurrage), signals declining bunker demand and shift to passive inventory build. Off-season onset is 10–12 days earlier than typical.