SUBSCRIBER NOTE: Platts extends feedback deadline on NWE benzene CP indicator

Platts has decided to extend the deadline for comments and queries regarding the proposal to assess a month-ahead indicator for the European benzene contract price to October 17.

Platts has proposed publishing a month-ahead indicator for European benzene contract price on a daily basis effective November 14 to bring greater transparency to the contract market and to allow manufacturers and consumers a clearer idea of future prices.

Platts will use a moving five-day average of its month-ahead spot benzene price.

The month of the CP indicator would roll on the first of each month.

Platts will use the M1 CIF ARA benzene spot price [AAOQQ00] in its calculations in the last five working days of the month. All other time the contract price indicator would be calculated on the basis of M2 CIF ARA price [AAOQR00].

Platts has backchecked the quantitative model and found that in 84% of all settlements in the past five years the model predicted values that were within Eur10/mt of the industry-negotiated CP price on the day the latter settled and the average price difference between the indicator and the CP price was Eur1.36/mt.

Please send any comments and queries to pl_petchems_ln@spglobal.com by October 17, 2016.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.