On July 7, China Fuel (Chimbusco) quoted low-sulfur fuel oil (ex-warehouse/self-pickup) in Shanghai at 5,750 RMB/tonne for the 180cst grade and 5,850 RMB/tonne for the 120cst grade; both prices represent a decrease of 200 RMB/tonne from the previous trading day.

Regarding the spot market, the 200 RMB/tonne drop in quotes for low-sulfur 180cst and 120cst fuel oil indicates significant downward pressure on spot prices, creating a bearish outlook for the spot market. On the futures front, the main fuel oil contract (2609) on the Shanghai Futures Exchange closed at 2,951 RMB/tonne on July 6—up 27 RMB/tonne from the prior session with open interest rising by 3,175 lots—but the substantial weakening of the spot market is expected to weigh on the future trajectory of futures prices.

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