ICE launches new PX futures contract based on Platts CFR Taiwan/China assessment

The Intercontinental Exchange, or ICE, has launched a CFR Taiwan/China paraxylene futures contract based on the Platts CFR Taiwan/China benchmark assessment, on March 28.

The contract is "a monthly cash-settled future based on the Platts daily assessment price for Paraxylene CFR Taiwan/China", the notice on the ICE website said.

The contract is based off the assessment specifications for the Platts CFR Taiwan/China assessment for physical cargo. The contract size is 100 mt and it will trade in multiples of 100 mt.

The last trading day on the contract is specified as the last trading day of the contract month.

The final settlement is based on the floating price in US dollar/mt of the high and low quotations that appear in the weekly Platts Asian Petrochemicalscan, ICE said.