Platts extends timeline seeking feedback on its Asian PX methodology

Platts, part of S&P Global Commodity Insights, has extended the timeline for submitting feedback on its assessment methodology for Asian paraxylene (PX) CFR Taiwan/China prices by two weeks.

In view of the upcoming holidays in China and also to allow market participants ample time to submit feedback on the PX methodology, Platts has decided to extend the timeline until Oct. 13.

Platts originally published the consultation note on Sept. 18, and it can be found here https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/091823-platts-seeks-feedback-on-its-asian-px-methodology.

Platts has observed an extended period of increased market activity for near-haul spot cargoes, also referred to as Asia-origin cargoes in the PX CFR Taiwan/China market. These cargoes have also constituted the major share of spot market activity in the Platts Market-on-Close process.

Platts is therefore seeking feedback on how to best reflect current market conditions in its PX methodology. Platts is currently seeking feedback on the following two options:

* Changing the benchmark specifications to align with the new near-haul CFR NEA assessment, which Platts will start databasing from Oct.2 (https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/092623-platts-to-launch-daily-px-cfr-ne-asia-near-haul-assessments)

* Specifying the benchmark assessment methodology to reflect values for cargoes of unrestricted origin.

In particular, Platts is inviting feedback on the specifications of near-haul spot cargoes including but not limited to:

* Minimum and maximum vessel sizes

* Window period of delivery from day of assessment

* Possible origin definitions or restrictions

* Payment terms

Platts also welcomes feedback on the timing of any potential changes, and other parameters of its PX assessment methodology not explicitly called out above.

Please send all feedback, questions or comments to petchems@spglobal.com and PriceGroup@spglobal.com by Oct. 13.

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 make comments not marked as confidential available upon request.