SUBSCRIBER NOTE: Customs duties in Platts European price assessments

S&P Global Platts would like to clarify its publishing guidelines around customs duties in contract terms ahead of potential changes in tariffs related to the UK's exit from the European Union.

Platts assessments reflect commodities traded under standard contract terms, typically including references to international commercial terms such as FOB, CIF, CFR, DES and DAP.

Among other items, these terms state the responsibilities for payments of costs among buyers and sellers, including import customs duties and taxes. As such, where Platts assessments state duty-unpaid terms including CIF, CFR, DES and DAP, these reflect bids, offers and trades wherein the seller is not responsible for payment of import duties, including in the event that tariff structures change subsequent to a reported trade.

Should buyers wish to submit for publication bids for Delivered Duty Paid terms, Platts may consider these for publication and normalize them to a duty unpaid standard for reflection in CIF, CFR, DES and DAP assessments.

Please send any comments or questions to 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.