SUBSCRIBER NOTE: Platts launches prompt, forward domestic China benzene assessments

S&P Global Platts will launch daily prompt and forward domestic China benzene assessments and their import-parity equivalents on August 1, 2018.

The new assessments reflect increased interest from the market to understand daily price trends in the domestic East China market.

The domestic China benzene assessments will comprise three markers; the East China prompt marker, East China Bal-M1 marker and East China M2 marker.

The East China prompt marker will reflect prices of cargoes in Yuan up to 10 days forward from date of publication.

The East China Bal-M1 marker will reflect prices of cargoes in Yuan loaded within the current calendar month from date of publication.

The East China M2 marker will reflect prices of cargoes in Yuan loaded within the second calendar month from date of publication.

The import-parity equivalents of the prompt, Bal-M1 and M2 markers will be published using standard tax rates applicable on import cargoes and the USD/yuan exchange rate issued by the Development Bank of Singapore. More details will be available in the Platts Asia-Pacific Petrochemicals methodology and specifications guide.

Platts proposes to assess on an ex-tank loading basis out of two main ports located in East China, Jiangyin and Changzhou.

The minimum volume assessed will be 500 mt, and the maximum volume will be 1,000 mt, in line with the standard parcel size traded in the domestic Chinese market.

Platts will assess cargoes with quality specifications conforming to the latest edition of international standard ASTM D-2359.

Platts will consider cargoes transacted on standard credit terms per market practice, as agreed between counterparties.

Prices will be based on latest information sourced from the market up to the close of the assessment period at 4:30 pm Singapore time (0830 GMT) daily.

Please direct any questions or comments to petchems@spglobal.com with a copy to pricemethodology@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 those not marked as confidential available upon request.