New assessment for Asia bioethanol from March 7

Following discussions with the industry, Platts proposes to introduce two daily spot price assessments for Asian undenatured anhydrous bioethanol used for blending into gasoline, comprising prices basis CIF Philippines and FOB Singapore, from March 7, 2011.

The assessments will reflect undenatured anhydrous bioethanol conforming to the Philippines National Standard (PNS/DOE QS 007:2005) under the current definitions 3.1 and 3.2 of that standard.

Prices will be published in US dollars per cubic meter. CIF Philippines assessment will reflect products trading 45-60 days forward from the date of publication, while FOB Singapore will reflect products trading 15-30 days forward from the date of publication.

Basis and locations for the CIF Philippines assessments includes the ports of Subic Bay, Manila and Batangas and Singapore, for FOB Singapore assessments.

All undenatured anhydrous bioethanol cargoes are to be normalized to a base standard of 1,000-3,000 cubic meters in cargo size, at a temperature of 20 degrees Celsius with L/C at sight up to 30 days payment terms. All other grades, cargo sizes and payment terms will be normalized to this standard using prevailing market values.

Price assessments will reflect the close of Asia markets time stamped at 4:30 pm Singapore time (0830 GMT) and subjected to the typical guidelines of the Platts Market-On-Close assessment process.

This new assessments will be published in the Platts Petrochemical Alert and Asian Petrochemicalscan.

Please send any queries or comments to Michelle Ho at Michelle_Ho@platts.com with a copy to petchems@platts.com and pricegroup@platts.com.