Paraffin futures at ¥3,650/t (-1.62%), petcoke inventory elevated, East China tankage utilization tight constraining export loading efficiency. Brent–WTI spread narrowed to $9.43; RMB appreciation failed to offset weak domestic demand.

Paraffin price at ¥3,650/ton (+1.42%), export margin turned positive; petcoke inventory rate rose to 87%, with visible port congestion in East China. Brent–FO spread narrowed to $22.1/bbl, supporting paraffin cracking economics.

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.

Paraffin: ¥8,210/t (-1.32%); petroleum coke: ¥2,965/t (+0.47%); port stocks at 423kt (+1.8% w/w). FOB Busan paraffin quotes fell below landed cost; power plant procurement slowdown accelerated coke accumulation.