SUBSCRIBER NOTE: Platts launches new standard operational procedures for SM

Following market feedback, S&P Global Platts has revised the styrene monomer standard operational procedures for FOB Korea, CFR China and CFR Taiwan assessments, effective August 17.

Below are the new standard operational procedures:

FOB Korea: Buyer to declare half-month of loading on the 15th calendar day of the month prior to the month of loading. If the 15th of the month falls on a weekend or a holiday, then the half-month declaration will occur on the nearest business day prior to that weekend or holiday.

Seller to declare load port on the 16th of the month for H1 loading in the next month and on the last day of previous month for H2 loading. If the 16th of the month or the last day of the month falls on a weekend, load port declaration will be done on the nearest business day prior to the 16th or the last day of the month. Buyer and seller mutually agree narrowing to a feasible five-day maximum loading laycan. Buyer to nominate vessel 10 days maximum prior to the first day of the laycan.

CFR China/CFR Taiwan: Buyer declares discharge port any time before opening letter of credit. Seller nominates the vessel 10 days prior to the first date of laycan.

The changes will affect PCA codes: AAMFL00, PHASV03, AAMFN00, AAMFI00, AAMFK00, AAVMA04, PHACB00, PHBHE03 and AAOSY00; PCA pages 215 and 340; and the Asia Petrochemical Scan.

Please send any feedback or questions to petchems@spglobal.com and pricemethodology@spglobal.com.

For written comments, please provide a clear indication if comments 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.

(This version of the subnote corrects an errant paragraph break.)