Platts proposes to amend incoterms, add close bates for several US urea price assessments

Platts, part of S&P Global Commodity Insights, proposes to amend the incoterms for four US domestic urea price assessments, effective Oct. 10.

While acknowledging the market's use of FOT as an incoterm, Platts will officially retain FCA (Free Carrier) as the designated incoterm for cargoes loaded onto trucks at the seller's cost.

The proposed changes are as follows:

Platts also proposes to introduce close values for the four aforementioned price assessments, and for Urea FOB NOLA-7 ( FGUNE04). Following the change, the low and high elements of the assessment would be standardized to -$1/ st +$1/ st below and above the assessed close value.

These assessments are currently published in the US Fertilizer Report, Fertecon Daily, and are also available on Platts Connect.

Please send any feedback, questions, and comments on this proposal to fertilizer@spglobal.com and pricegroup@spglobal.com by Sept. 11.

For written comments, please clearly indicate 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.