Platts proposes to launch daily PX CFR NE Asia near-haul assessments

Platts, part of S&P Global Commodity Insights, proposes to launch daily spot assessments for near-haul paraxylene (PX) CFR Northeast Asia (NEA) Oct. 2.

This proposal follows market feedback and an extended period of increased market activity for near-haul spot cargoes, also referred to as 'Asia-origin' cargoes in the PX CFR Taiwan/China market.

The proposed assessments would reflect paraxylene (PX) with the following specifications:.

* Vessel size: 5,000-20,000 dwt

* Credit terms: Terms of payment would reflect what is understood to be standard credit terms of 30 days, as per market practice for near-haul cargoes.

* Delivery Laycans: As with the PX CFR Taiwan/China assessment, the CFR NEA near-haul assessment would reflect cargoes for delivery in the second, third, fourth, fifth and sixth half-month windows forward from the date of the assessment.

* Marker: The daily near-haul PX CFR NEA marker would average the fourth and fifth half-month laycans. For example, on Oct. 1, the marker would average H2 November and H1 December. From Oct. 16, the marker would average H1 December and H2 December.

Other specifications like cargo sizes, basis and locations would mirror the PX CFR Taiwan/China benchmark as stated here. (https://www.spglobal.com/commodityinsights/plattscontent/_assets/_files/en/our-methodology/methodology-specifications/asian-petrochemicals-methodology.pdf).

These assessments would be published on Platts Petrochemical Alert pages 214, 337, 412, 436, 542, 600 and Asian Petrochemicalscan.

Please send all feedback and comments regarding this proposal to petchems@spglobal.com and pricegroup@spglobal.com by Sept. 22.

Platts is also seeking feedback on its assessment methodology for Asian Paraxylene CFR Taiwan/China prices. (https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/091823-platts-seeks-feedback-on-its-asian-px-methodology)

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 comments not marked as confidential available upon request.