IOCJ-PBF price continues to widen

Over the past week, the IOCJ-PBF price spread has continued to widen, albeit at a moderating pace. As of March 5, the spread stood at Yuan 131/tonne, a week-on-week increase of Yuan 3/tonne, driven by divergent gains in both products.

Specifically, IOCJ prices outpaced PBF with a 3-yuan larger increase. As of March 5, IOCJ rose by Yuan 10/tonne to Yuan 888/tonne, supported by tight supply in both seaborne and portside markets. Port inventories fell to 11.76 million tonnes, down 5.6% week-on-week and 36.95% year-on-year. In contrast, PBF prices