Platts clarifies guidelines for FOB China toluene MOC

Platts, part of S&P Global Commodity Insights, is clarifying the guidelines for the FOB China toluene Market on Close assessment process.

Platts considers for publication information from companies that are able to participate in the FOB China toluene MOC, subject at all times to adherence with Platts editorial standards.

Entities with interest to participate in the MOC may initiate the process via https://www.spglobal.com/platts/en/our-methodology/participation-review.

Platts has established clearly defined timing guidelines and standards of incrementability that apply when publishing bids and offers in the MOC in order to ensure an orderly and transparent price assessment process.

TIMING: All outright bids and offers must be submitted by 4.00.00 pm Singapore time.

INCREMENTABILITY: Bids and offers may be improved by $1/mt in a minimum of 60 seconds.

REPEATABILITY: Maximum of 60 seconds to repeat a bid or offer following a trade.

FINAL STATE: 4.28.00 pm.

MARKET CLOSE: 4.30.00 pm.

EXTENSION: Price changes, or a rebid or reoffer in the last two minutes will trigger a two-minute extension period in order to adequately test that bid or offer.

As per Platts editorial guidelines, market participants can withdraw their bids and offers at any time, provided no prior interest to transact has been expressed by any potential counterparty.

Platts expects nomination standards for trades reported in the FOB China toluene MOC to reflect standard market terms, as agreed between counterparties.

Counterparties are expected to perform on trades with counterparties in the MOC based on their typical bilateral trading and credit terms that have been applied and accepted by both counterparties in the open market.

Platts started publishing daily assessments for FOB China assessments from Nov. 1, 2022 (https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/110122-platts-launches-new-fob-china-toluene-assessments-nov-1).

Please address any questions or 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.