Platts plans to start FOB China, domestic China

Platts is collecting feedback for its plans to start from January 6, 2011, weekly acetic acid assessments for domestic east China and FOB China.

The cargo size for the domestic market will be ex-tank, between 200 mt and 500 mt.

Quality specifications will be for acetic acid with a minimum purity of 99%.

China domestic price is assessed at sight basis with cash payment.

For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the three-month London Interbank Offered Rate or LIBOR plus 1.5%.

The FOB China assessments will include the ports of Jiangyin and Zhangjiagang, for cargoes of 1,000-2,000 mt.

Quality specifications will be for acetic acid with minimum purity of 99% for cargoes to be loaded up to 30 days from date of publication.

FOB China will be assessed with credit up to 30 days.

For deals with non-standard usance, the value of the extra credit allowance will be factored out for price assessment, based on prevailing interest rates calculated using the three-month LIBOR plus 1.5%.

For questions or comments, please respond by October 20, and contact Chua Sok Peng at sok_peng_chua@Platts.com or Anton Ferkov at anton_ferkov@platts.com.