Platts decides not to redefine all UK polymer, recycled plastics assessments from FD to DAP, continues to review UK incoterms

Following market consultation and subscriber feedback, S&P Global Platts has decided not to proceed with a proposal to redefine UK incoterms from free delivered (FD) UK to delivered at place (DAP) UK across its full suite of polymer and recycled plastics assessments.

The decision not to proceed with the redefinition of UK incoterms followed feedback suggesting inconsistent usage of both incoterms within the UK polymer markets.

Platts will continue to review UK incoterms in the context of the changing relationship between the UK and the European Union and will monitor changes to trading practice in individual markets. Initial feedback and research into the FD incoterm had suggested that following the UK's exit from the EU, polymer and recycled plastics market participants increasingly prioritize more specific incoterms which better capture freight differentials and duty considerations as the basis for UK spot transactions and bilateral contracts.

The proposal to redefine FD UK incoterms for polymers and recycled plastics was initially published Aug. 31 with the feedback period subsequently extended until Dec. 31 in subscriber notes available here:

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/083121-platts-proposes-to-redefine-fd-uk-polymer-recycled-plastics-assessments-as-dap-uk

https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/102521-platts-extends-feedback-period-for-proposal-to-redefine-fd-uk-polymer-recycled-plastics-assessments-as-dap-uk

This followed an open consultation on European petrochemical incoterms begun June 9 and announced in a subscriber note available here: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/060921-platts-opens-consultation-on-european-petrochemicals-incoterms

Platts continues to invite feedback on domestic incoterm specifications across its UK and European petrochemical assessments. Please send comments and questions to petchems@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.