- / Commodity Insights
- / Subscriber Notes
- / Platts proposes to change timing, incrementability for Asia chemicals physical, derivatives MOC
Chemicals
October 14, 2024
Platts proposes to change timing, incrementability for Asia chemicals physical, derivatives MOC
Platts, part of S&P Global Commodity Insights, proposes to change the timing and increments for its Market on Close assessment process for Asia chemicals, with effect from Jan. 2, 2025.
The proposed changes would align direct and manual entries for physical and derivatives increments in the respective chemical markets and other upstream and related MOC markets, including Asia naphtha and Asia gasoline.
The proposed changes are as follows:
| Product Category | Outright or spreads | Market type | Current maximum price movement | Proposal |
| Benzene (direct) | Outright | Cargoes | $1/mt per 30 secs | $1/mt per 30 secs |
| Benzene (manual) | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 30 secs |
| Benzene (direct) | Spread | Cargoes | $1/mt per 30 secs | $1/mt per 30 secs |
| Benzene (manual) | Spread | Cargoes | $1/mt per 60 secs | $1/mt per 30 secs |
| Benzene | Outright | Swaps | $1/mt per 60 secs | $1/mt per 30 secs |
| MTBE (direct) | Outright | Cargoes | $1/mt per 30 secs | $1/mt per 30 secs |
| MTBE (manual) | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 30 secs |
| Methanol | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs |
| Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs | |
| Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs | |
| Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs | |
| Methanol | Outright | Swaps | $1/mt per 30 secs | $1/mt per 30 secs |
| Methanol | Spread | Swaps | $1/mt per 30 secs | $1/mt per 30 secs |
| Toluene | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs |
| Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs | |
| Styrene | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs |
| Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs | |
| Isomer MX | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs |
| Solvent MX | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs |
| PX (direct) | Outright | Cargoes | $1/mt per 30 secs | $1/mt per 30 secs |
| PX (manual) | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 30 secs |
| PX (direct) | Spread | Cargoes | $1/mt per 30 secs | $1/mt per 30 secs |
| PX (manual) | Spread | Cargoes | $1/mt per 60 secs | $1/mt per 30 secs |
| PX (direct) | Outright | Swaps | $1/mt per 30 secs | $1/mt per 30 secs |
| PX (manual) | Outright | Swaps | $1/mt per 30 secs | $1/mt per 30 secs |
| PX (direct) | Spread | Swaps | $1/mt per 30 secs | $1/mt per 30 secs |
| PX (manual) | Spread | Swaps | $1/mt per 30 secs | $1/mt per 30 secs |
| OX | Outright | Cargoes | $1/mt per 60 secs | $1/mt per 60 secs |
Under this proposal, Platts would also revise the final state and trigger timing for extension. The extension is triggered by any price move or a rebid/reoffer prior to the close of the MOC at 4:30 pm Singapore time (0830 GMT).
| Product Category | Outright or spreads | Market type | Reaction time after a trade to repeat order (Repeatability) | Proposal | No more price changes (Final state) | Proposal | Repeat/Change of an order which triggers extension of the window (extension trigger window) | Proposal | Period of testing repeatability of an order repeated/changed near close (extension state) | Proposal |
| Benzene (direct) | Outright | Cargoes | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| Benzene (manual) | Outright | Cargoes | Within 60 secs | Within 30 secs | 4.28.00.000 | NA | 4.28.00.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| Benzene (direct) | Spread | Cargoes | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| Benzene (manual) | Spread | Cargoes | Within 60 secs | Within 30 secs | 4.28.00.000 | NA | 4.28.00.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| Benzene | Outright | Swaps | Within 60 secs | Within 30 secs | 4.28.00.00 | NA | 4.28.00.00 to 4.29.59.99 | 4.29.30.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
| MTBE (direct) | Outright | Cargoes | Within 30 secs | Within 30 secs | NA | NA | 4.29.50.000 to 4.30.00.000 | 4.29.50.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| MTBE (manual) | Outright | Cargoes | Within 60 secs | Within 30 secs | 4.28.00.000 | NA | 4.28.00.000 to 4.30.00.000 | 4.29.50.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| Methanol | Outright | Cargoes | Within 60 secs | Within 60 secs | 4.28.00.00 | 4.29.00.00 | 4.28.00.00 to 4.29.59.99 | 4.29.00.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
| Methanol | Outright | Swaps | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.00 to 4.30.00.00 | 4.29.30.000 to 4.30.00.000 | 4.30.01.00 to 4.31.00.99 | 4.30.01.000 to 4.31.00.999 |
| Methanol | Spread | Swaps | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.00 to 4.30.00.00 | 4.29.30.000 to 4.30.00.000 | 4.30.01.00 to 4.31.00.99 | 4.30.01.000 to 4.31.00.999 |
| Toluene | Outright | Cargoes | Within 60 secs | Within 60 secs | 4.28.00.00 | 4.29.00.00 | 4.28.00.00 to 4.29.59.99 | 4.29.00.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
| Styrene | Outright | Cargoes | Within 60 secs | Within 60 secs | 4.28.00.00 | 4.29.00.00 | 4.28.00.00 to 4.29.59.99 | 4.29.00.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
| Isomer MX | Outright | Cargoes | Within 60 secs | Within 60 secs | 4.28.00.00 | 4.29.00.00 | 4.28.00.00 to 4.29.59.99 | 4.29.00.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
| Solvent MX | Outright | Cargoes | Within 60 secs | Within 60 secs | 4.28.00.00 | 4.29.00.00 | 4.28.00.00 to 4.29.59.99 | 4.29.00.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
| PX (direct) | Outright | Cargoes | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (manual) | Outright | Cargoes | Within 60 secs | Within 30 secs | 4.28.00.000 | NA | 4.28.00.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (direct) | Spread | Cargoes | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (manual) | Spread | Cargoes | Within 60 secs | Within 30 secs | 4.28.00.000 | NA | 4.28.00.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (direct) | Outright | Swaps | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (manual) | Outright | Swaps | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (direct) | Spread | Swaps | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| PX (manual) | Spread | Swaps | Within 30 secs | Within 30 secs | NA | NA | 4.29.30.000 to 4.30.00.000 | 4.29.30.000 to 4.30.00.000 | 4.30.01.000 to 4.31.00.999 | 4.30.01.000 to 4.31.00.999 |
| OX | Outright | Cargoes | Within 60 secs | Within 60 secs | 4.28.00.00 | 4.29.00.00 | 4.28.00.00 to 4.29.59.99 | 4.29.00.000 to 4.30.00.000 | 4.30.01.00 to 4.32.59.99 | 4.30.01.000 to 4.31.00.999 |
All other MOC timing and increment guidelines would remain unchanged.
Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers during the MOC to ensure an orderly and transparent price assessment process, which can be found here: https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/petrochemicals-timing-increment-guidelines.pdf
Please send all feedback, comments or questions by Nov. 11, 2024, to petchems@spglobal.com and pricegroup@spglobal.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.