Natural rubber front-month dipped 0.10% to CNY 19,615/t. While domestic semi-steel tire factory utilization rose to 68.5%, Qingdao port inventories increased 2.3% MoM, capping upside potential.

Paraffin spot ¥8,250/t (+1.85%), FOB $1,185/t — arbitrage window open; petcoke inventory 923kt (+4.7% w/w), port utilization >86% in East China — price pressure mounting.