SUBSCRIBER NOTE: Platts to add laycans to Asian SM assessments

Platts plans to launch an additional half-month laycan for its daily Asian styrene monomer FOB Korea letter of credit at sight assessments and two additional half-month laycans for CFR China LC 90 days assessments from August 1, 2016 onwards.

Currently, daily FOB Korea assessments evaluate cargoes for loading in second, third, fourth and fifth half-month forward cycles. Each half-month assessment cycle covers 15 or 16 days. For example, on March 1, 2016, the half-month cycles assessed would be H2 March, H1 April, H2 April and H1 May. Daily CFR China assessments evaluate cargoes for delivery in second, third and fourth half-month forward cycles.

Platts had proposed to extend FOB Korea to include a sixth half-month cycle, and to extend CFR China to include a fifth and sixth half-month cycle.

Based on industry feedback, the change reflects more forward trading patterns in Asia.

The proposed assessment methodology for FOB Korea and CFR China is as follows:

Assessment window: Daily FOB Korea LC at sight assessments and CFR China LC 90 days assessments are based on latest information sourced from the market up to the close of the assessment window at 4:30 pm Singapore time (0830 GMT) daily.

Timing: Any time during that half month cycle

Basis and locations: Daesan, Ulsan, Yeosu (FOB Korea), Jiangyin, Nantong, Ningbo, Zhangjiagang (CFR China)

Cargo size: 2,000 mt

Terms and conditions: LC at sight and 90 days credit terms

Quality specification: ASTMD 2827

Please direct any feedback, questions, or comments to petchems@spglobal.com with a copy to pricemethodology@spglobal.com. Please provide a clear indication if comments are intended for publication by Platts for public viewing. Platts will consider all comments received and will make these comments available on request.