{
  "fob_vancouver_mid_usd_mt": 1045,
  "fob_us_gulf_mid_usd_mt": 1125,
  "fob_me_mid_usd_mt": 805,
  "note": "Implied CFR uses origin-matched FOB mid (Vancouver, US Gulf, or Middle East), not Vancouver for every route.",
  "netbacks": [
    {
      "route": "vancouver_china",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR China",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 28,
      "implied_cfr_usd_mt": 1073,
      "transit_days": 22,
      "as_of": "2026-07-01"
    },
    {
      "route": "vancouver_indonesia",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR Indonesia",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 40,
      "implied_cfr_usd_mt": 1085,
      "transit_days": 22,
      "as_of": "2026-07-01"
    },
    {
      "route": "vancouver_brazil",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR Brazil (Santos / Paranaguá)",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 58,
      "implied_cfr_usd_mt": 1103,
      "transit_days": 22,
      "as_of": "2026-07-01"
    },
    {
      "route": "vancouver_australia",
      "origin": "FOB Vancouver / Port Moody",
      "destination": "CFR Australia",
      "fob_index": "SR-VAN-FOB-G",
      "fob_usd_mt": 1045,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 28,
      "implied_cfr_usd_mt": 1073,
      "transit_days": 22,
      "as_of": "2026-07-01"
    },
    {
      "route": "middle_east_china",
      "origin": "FOB Middle East (ex-Iran typical)",
      "destination": "CFR China",
      "fob_index": "SR-ME-FOB",
      "fob_usd_mt": 805,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 90,
      "implied_cfr_usd_mt": 895,
      "transit_days": 22,
      "as_of": "2026-07-01"
    },
    {
      "route": "us_gulf_brazil",
      "origin": "FOB US Gulf",
      "destination": "CFR Brazil",
      "fob_index": "SR-GULF-FOB-G",
      "fob_usd_mt": 1125,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 42,
      "implied_cfr_usd_mt": 1167,
      "transit_days": 22,
      "as_of": "2026-07-01"
    },
    {
      "route": "middle_east_india",
      "origin": "FOB Middle East",
      "destination": "CFR India",
      "fob_index": "SR-ME-FOB",
      "fob_usd_mt": 805,
      "fob_vancouver_usd_mt": 1045,
      "freight_usd_mt": 85,
      "implied_cfr_usd_mt": 890,
      "transit_days": 22,
      "as_of": "2026-07-01"
    }
  ]
}