Method: China futures are quoted VAT-inclusive, so we first strip VAT (metals, iron ore, sugar 13%; grains, oilseeds, cotton 9%; gold and INE crude are VAT-free; iron ore also converted wet → dry at 8% moisture), then convert to the global unit via USD/CNH (offshore) and contract units. Copper and aluminium/zinc are compared with LME 3M, INE crude with Brent. Positive premium means China is above landed parity before duties and freight (import arbitrage window open). Negative means China is cheaper (import loss / export window). In-quota tariffs are included for corn/cotton/sugar (out-of-quota rates and freight excluded) — for relative strength only.