Platts launches Asian Biofuels and Feedstock physical eWindow March 29

Platts, part of S&P Global Commodity Insights, will launch the Platts Editorial Window communication tool for the physical Asia Biofuels and Feedstock FOB Straits and China Market on Close assessment process effective March 29, 2023.

Participants in the MOC will be able to submit outright and time spread bids and offers for publication directly through the eWindow communication tool, or through an editor who would then publish bids and offers using the software.

Bids, offers and trades will generate headlines on Platts Biofuel Alert (PBF) page 0001 and via other Platts services.

Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC in order to ensure an orderly and transparent price assessment process.

TIMING: All outright and time spread bids and offers must be submitted by 17.30.00 Singapore time.

INCREMENTABILITY: Outright bids and offers may be improved at a minimum of $1/mt and a maximum of $5/mt in a minimum of 60 seconds.

REPEATABILITY: Maximum of 60 seconds to repeat a bid or offer following a trade.

FINAL STATE: None. Price changes can be made up to the close of the MOC at 18.00.00 hours Singapore time.

EXTENSION: Price changes, or a rebid or reoffer in the last 60 seconds will trigger a 60-second extension period in order to adequately test that bid or offer.

As per Platts editorial guidelines, market participants can withdraw their bids/offers at any time, provided no prior interest to transact has been expressed by any potential counterparty. All bids and offers are firm from the moment they are submitted through the eWindow tool to the moment they are traded, the MOC ends or the bid/offer is withdrawn from the system by the trader or a Platts editor.

Platts expects credit relationships that prevail inside its assessment environment to fully reflect relationships in the markets as a whole.

The eWindow provides direct entry and management of credit filters, which should mirror those normally applied in the marketplaces.

Where Platts editors publish bids and offers on behalf of a company that submits data to an editor, counterparty credit settings are set to "open" for regular participants in the assessment process unless companies have notified Platts in advance of any restrictions.

If a counterparty submitting information through an editor has not already notified Platts of any counterparty credit restrictions, it should notify Platts at least one hour prior to the start of the MOC if any counterparty credit filters need to be modified.

Full information relevant to these assessments can be found below:

Biodiesel Feedstock: Used Cooking Oil (UCO) North Asia

Basis and Locations: Prices are assessed daily on an FOB East China basis.

Unit: Assessment is published in $/mt

Timing: The assessment reflects loading 20-40 days forward from the date of publication.

Volume: 2,500 mt to 5,000 mt, normalized to 2,500 mt

Product Purity Specification: UCO assessments reflect material with a maximum of 7% FFA, a maximum of 2% MIU, maximum 50 ppm sulfur, a minimum of 80gr iodine per 100gr of used cooking oil and wax content of maximum 300 ppm. The cargoes reflect ISCC-certified and RED-compliant material.

Biodiesel Feedstock: Used Cooking Oil (UCO) FOB Straits

Basis and Locations: Prices are assessed daily on an FOB Straits basis, with Straits being defined as Pasir Gudang and Singapore terminals. Loadings from Port Klang may also be reflected in the assessment but may be normalized for assessment purposes.

Unit: Assessment is published in $/mt

Timing: The assessment reflects loading 20-40 days forward from the date of publication.

Volume: 2,500 mt to 5,000 mt, normalized to 2,500 mt.

Product Purity Specification: UCO assessments reflect material with a maximum of 5% FFA , a maximum of 2% MIU, maximum, 40 ppm sulfur and a minimum of 50gr iodine per 100gr of used cooking oil and maximum wax content of 300 ppm. The cargoes reflect ISCC-certified and RED-compliant material.

The minimum loading rate will be 150 mt/hour for breakbulk cargoes. In addition, the assessment reflects product that holds proof of sustainability obtained in the framework of voluntary schemes approved by the EU Commission.

Proof of Sustainability, Annex VII and Right to Audit needs to be provided by the seller.

Used Cooking Oil Methyl Ester (UCOME) FOB China

Basis and Locations: Prices are assessed daily on an FOB North China basis.

Unit: Assessment is published in $/mt

Timing: The assessment reflects loading 20-40 days forward from the date of publication.

Volume: 2,500 mt to 10,000 mt, normalized to 2,500mt

Product Purity Specification: product meeting the EN14214 specification excluding oxidation stability, and allows for sulfur content of maximum 15 ppm, a maximum CFPP of 5 degrees Celsius, a maximum Monoglyceride Content of 0.3%, with minimum GHG savings of 87%.

The assessment would also reflect material that adheres to the ISCC certification scheme, in compliance with the EUs Renewable Energy Directive or RED requirements. It will also reflect German mandate (Nabisy) compliant material eligible for UK and Dutch double-counting. All material needs to be traceable and have right to audit provided by the seller.

Used Cooking Oil Methyl Ester (UCOME) FOB Straits

Basis and Locations: Prices are assessed daily on an FOB Straits basis, including Pasir Gudang and Singapore terminals. Loadings from Port Klang may also be reflected in the assessment but may be normalized for assessment purposes.

Unit: Assessment is published in $/mt

Timing: The assessment reflects loading 20-40 days forward from the date of publication.

Volume: 2,500 mt to 10,000 mt, normalized to 2,500mt

Product Purity Specification: product meeting the EN14214 specification excluding oxidation stability, and allows for sulfur content of maximum 10 ppm, a maximum CFPP of 13 degrees Celsius, with minimum GHG savings of 84% and water content of 350 ppm.

The assessment would also reflect material that adheres to the ISCC certification scheme, in compliance with the EUs Renewable Energy Directive or RED requirements. It will also reflect German mandate (Nabisy) compliant material eligible for UK and Dutch double-counting. All material needs to be traceable and have right to audit provided by the seller.

Please send all feedback and comments to asia_ags@spglobal.com and pricegroup@spglobal.com.

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 comments not marked as confidential available upon request.

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