SUBSCRIBER NOTE: Platts to launch US benzene, styrene Market on Close

Starting March 8, 2018, S&P Global Platts will base its assessments for US benzene and styrene off of tested and confirmed bids, offers and trades in the Platts Market on Close assessment process between 3:30 pm and 4 pm Central Prevailing Time.

When no confirmed bid, offer or transaction data or movement in related markets is heard after 3:30 pm Central Time, Platts will base its assessments on the initial market values which have either been made available or tested in the market up to 3:30 pm Central Time.

Platts will publish an initial market value at 3:15 pm Central Time on Global Petrochemical Alert, ICE Chat instant messenger and email for the following assessments: FOB USG Benzene cents/gal M1, FOB USG Benzene cents/gal M2, DDP USG Benzene cents/gal M1, DDP USG Benzene cents/gal M2, FOB USG Styrene M1 cents/lb and FOB USG Styrene M2 cents/lb.

Afterwards, from 3:30 to 4 pm Central Time, Platts will gather bids, offers and trades that will be published on Global Petrochemical Alert, ICE Chat instant messenger and email during the manual window.

The final assessment will be based on published market data that has been tested in the market and is determined to reflect the prevailing value at 4 pm Central Time.

Platts may not consider any data gather after 4 pm Central Time as relevant for the four indicated assessments.

Outstanding firm bids and offers that disprove traded levels and are available to the broad market as of 4 pm Central Time will take precedence over trades concluded earlier in the assessment process.

For example, bids that are available at the close above previously traded levels, or offers that are available to the market below previously traded levels will be viewed as strong indications of value.

Additionally, a company can choose to keep its name anonymous when bidding or offering, however, bids or offers that show the company's name will be given precedence to bids or offers with no company name.

This update will affect the following products:

US Benzene: PHAAE00, AAKYD00, AAWDA00, AAWDB00 US Styrene: AAIKW00, AAJLW00

Please address any questions or comments to americaspetrochemicals@spglobal.com and pricemethodology@spglobal.com