PBF - SSF price spread widens

Over the past week, the price spread between PBF and SSF widened. As of October 30, the spread increased by Yuan 13/tonne on-week to Yuan 91/tonne, with the two products showing divergent price movements.

Specifically, the SSF price rose modestly, up only Yuan 9/tonne on-week to Yuan 714/tonne as of October 30. In contrast, the PBF price climbed by Yuan 22/tonne on-week to Yuan 805/tonne, mainly supported by falling portside inventories, which have declined for four consecutive weeks to 7.78 million tonnes over