Platts launches daily CFR India bitumen assessments from Nov 1

Platts, part of S&P Global Commodity Insights, has begun publishing daily assessments for bitumen delivered on a CFR basis to West Coast India and East Coast India, respectively, effective Nov. 1.

This follows a subscriber note published Oct. 1 announcing the launch of these new assessments, found here. The new assessments will complement Platts' existing FOB Singapore and FOB South Korea bitumen assessments, providing greater price transparency and information in the waterborne trade for the product in the Asia-Pacific markets.

Platts has launched four new daily outright assessments and their respective monthly averages. These assessments reflect 3,500-10,000 mt parcels of Viscosity Grade 30 and VG40 bulk bitumen as per IS 73: 2013 specifications, for delivery 10-25 days forward for West Coast India and 15-30 days forward for East Coast India from the date of publication.

Platts daily CFR India bitumen assessments will appear in Platts Asia-Pacific/Arab Gulf Marketscan and on Platts Global Alert and Platts Refined Products Alert fixed pages 2522 and 2524. The monthly averages for the respective symbols are published on PGA and PRF fixed pages 2523 and 2525.

Details of the assessments are as follows:

The CFR West Coast India assessments reflect cargoes delivered to the ports of Kandla, Mundra and Pipavav in Gujarat. Additionally, Platts may publish bids, offers and trades for deliveries to Mumbai, Mangalore and Kochi, normalized to Gujarat ports.

The CFR East Coast India assessments reflect cargoes delivered to Haldia, Kolkata, Chennai, Vishakhapatnam and Paradip, normalized to Haldia.

Pricing information for material with other specifications and terms may be considered for the assessments, normalized to the proposed standard.

The assessments will reflect market value at the close of the Asian trade at 4:30 pm Singapore time and follow the Singapore publication schedule. Bids, offers and trades reported throughout the day may be considered in the assessment process, with values normalized to the market close at 4:30 pm Singapore time.

Platts initially proposed the launch on Sept. 6, in a subscriber note available at: Platts proposes to launch daily CFR India bitumen assessments from Nov 1.

More details on the Platts Asian bitumen assessment methodology are available here: /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/Asia-refined-oil-products-methodology.pdf .

Please send all feedback, comments and questions to asia_products@spglobal.com and pricegroup@spglobal.com.

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