Chemicals, Solvents & Intermediates, Aromatics

February 28, 2025

Platts changes CFR India solvent-MX laycan, launches differential Feb 28

Platts, part of S&P Global Commodity Insights, has changed the delivery laycan of its CFR India solvent-grade mixed xylenes assessment and launched a differential to the FOB Korea marker, effective Feb. 28.

Platts originally proposed these changes in a note published Jan. 16 and announced the decision in a note published Jan. 31.

Laycan change

Platts has changed the delivery laycan for the CFR India solvent-MX assessment (ASMXA04) to reflect cargoes delivered 40-60 days forward from the day of the publication.

Previously, the assessment reflected deliveries 20-40 days forward.

This change aligns the assessment delivery laycan with a typical practice in the CFR India spot market.

Platts has observed that CFR India solvent-MX cargoes typically trade for loading during the following month, with the typical transit time for the cargo at 15-30 days from South Korea, Thailand and Taiwan.

For example, for a trade done on Jan. 14, the shipment would be in the first half of February, that is, Feb. 1-15, and the estimated delivery time at Indian ports would be between Feb. 23 and March 15, depending on the origin.

New differential

Platts has also launched a weekly cash differential, measuring a premium or discount of the CFR India solvent-MX versus the FOB Korea assessment, to reflect the market's shift toward this pricing approach.

Details of the new differential assessment and symbols are as follows:

Symbol Description
SMCIW04 Solvent-MX CFR India vs FOB Korea Cash Differential $/mt
SMCIM03 Solvent-MX CFR India vs FOB Korea Cash Differential MAvg $/mt

The differential assessment is published in the Asia Petrochemicalscan, SolventsWire, PlattsConnect and on Petrochemical Alert (PCA) pages 412 and 416.

Platts has started deriving the existing outright CFR India value (Symbol: ASMXA04, MAvg: ASMXA03), based on this assessed differential and the same-day spot FOB Korea solvent-MX marker (Symbol: PHAUX04, MAvg: PHAUY03).

The new Solvent-MX CFR India vs. FOB Korea Cash Differential assessment follows the India publication schedule. The publication of the existing outright value follows both India's and Singapore's publication schedules, meaning that it will not be published on days when one or both countries have a public holiday.

In all other aspects, the new differential assessment mirrors the specifications and terms of the existing outright assessment as follows:

Timing 40-60 days from date of publication
Basis and location CFR India, basis Kandla and Mumbai
Cargo size 1,000-2,000 mt
Credit terms L/C 90 days
Quality specification Solvent-MX with maximum non-aromatics content of 4%, conforming to international standards and equivalence. Solvent-MX with a lower or higher non-aromatics content than 4% will be normalized back to such a value.
Time stamp 4:30 pm Singapore time/2 pm India time on Fridays

Please direct any questions or comments to petchems@spglobal.com, with a copy to pricegroup@spglobal.com.

Platts will consider all comments received and will make those not marked as confidential available to the public upon request.

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