Platts proposes to change India domestic hot-rolled coil, rebar incoterms to ex-works

Platts, part of S&P Global Commodity Insights, proposes to change the incoterm for its daily India domestic hot-rolled coil and rebar assessments from delivered to ex-works, effective Nov. 21, 2022.

The proposed changes aim to better reflect trading practice in India's domestic spot market. Platts has observed that spot market HRC trading activity from local distributors, dealers and traders is actively being undertaken on an ex-stock Mumbai basis, within the state of Maharashtra and neighboring states. Similarly, spot market rebar trading activity from secondary mills around the production hub of Raipur is primarily on an ex-plant Raipur basis across consumers based in different parts of India.

Under this proposal, Platts would change the assessment names as follows:

Existing specifications for quantity, dimensions, timing and payment terms would remain unchanged.

The assessments are published in Platts Steel Alert, SBB Daily Briefing, Steel Markets Daily, Global Market Outlook, World Steel Review, Steel Price Report, Platts Price Analyzer and Platts Market Data Category SQ.

Platts invites feedback on this proposal by Oct. 14 to pl_asia_steel@spglobal.com and pricegroup@platts.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 comments not marked as confidential available upon request.