Platts to include Jiaxing port in paraxylene CFR Taiwan/China MOC from Jan. 3, 2022

Following a period of feedback, S&P Global Platts has decided to include Jiaxing port in East China as a non-par delivery port in the paraxylene CFR Taiwan/China Platts Market on Close (MOC) assessment process from Jan. 3, 2022.

Platts first proposed the inclusion of Jiaxing port in a subscriber note published Oct. 6, 2021: https://bit.ly/3vj2NZu

PAR AND NON-PAR PORTS: Pricing information pertinent specifically to deliveries into Jiaxing port may be normalized to reflect value at par ports. Standard Taiwan ports, Ningbo, Dalian and Jiangyin, which Platts considers par ports, will remain the basis for the Platts CFR Taiwan/China PX assessment. Non-par ports are typically considered to be those with logistical constraints to handle a fully-laden MR-size shipment. Jiaxing port has a maximum draft of 9.6 meters.

NAMED PORT BIDS: Platts will start publishing standalone bids into Jiaxing port, where buyers must clearly state the discharge port as Jiaxing at the time of communicating their interest to Platts for publication. Bids or trades into Jiaxing Port may be normalized to the standard.

OFFERS: Platts will not publish standalone offers into Jiaxing as these would be considered of a restrictive nature. However Platts will consider and publish offers which give buyers optionality to receive the cargo in Jiaxing or in any of the four par ports (TNDJ+Jiaxing). Such offers and trades may be normalized to the standard.

TNDJ TRADES: For trades reported within the Platts Market on Close process on a CFR Taiwan/China basis, buyers may not unilaterally declare Jiaxing as a discharge port. However, Jiaxing may be requested and mutually agreed and such requests may not be unreasonably withheld.

SUBSTITUTION: Platts expects parties to be reasonable when exceptional circumstances require sellers to substitute vessels or buyers to substitute terminals after the respective nomination deadlines. Buyers should not unreasonably withhold vessel substitutions or hamper the established discharge process. If the substituted vessel tendered the notice of readiness in time for discharge, buyers should not put sellers on best endeavor basis.

There are two purified terephthalic acid production plants under Xinfengming Group and Tongkun Group with combined production capacity of 8.1 million mt/year.

Please send all feedback and comments 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.