Platts updates incoterm and specification for North China UCO domestic assessments

Platts, part of S&P Global Commodity Insights, has updated the incoterms and specifications for its North China domestic Used Cooking Oil (UCO) assessments, effective July 1.

The changes reflect the terms and specifications of UCO currently traded in the domestic China spot market.

The North China UCO domestic assessment ( BFANC00) reflects transactions on a delivered at place (DAP) basis Tianjin port, where the cost of delivery is borne by the seller. The assessment reflects UCO delivered one to seven days forward from the date of publication. Other ports in North China may be normalized back to the basis location.

The assessments and their associated symbol nomenclature reflect the new incoterm and basis accordingly: UCO DAP Tianjin port, North China.

The assessments previously reflected material on an ex-works basis Tianjin and Hebei provinces in North China.

In addition, Platts has updated the assessment specifications to reflect an Acid Value less than or equal to 15 mg KOH/g, maximum of 7% free fatty acids (FFA), and a maximum of 2% moisture, impurities, and unsaponifiable (MIU).

Other specifications remain unchanged.

Platts continuously reviews its assessment methodology and seeks to reflect the most up-to-date specifications observed for its market coverage.

The assessments affected and the updated incoterms and specifications are listed in the table below:

The changes were first proposed in a subscriber note published June 10, available here, and confirmed in a subsequent subscriber note published June 23, available here.

Platts launched the North China domestic UCO daily assessments Oct. 1, 2024.

The assessments are published on Platts Biofuels Alert pages PBF 2310, 2311 and 2312, in the daily Platts Biofuelscan report and Weekly Biomass-Based Diesel Report.

The full Global Biofuels methodology & specifications guide can be found at https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/agriculture/biofuels-methodology

Platts invites feedback, comments and questions to MRTS_biofuelsandfeedstocks@spglobal.com and pricegroup@spglobal.com

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