Platts to launch new daily CFR India bitumen assessments from Nov 1

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

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 will launch four new daily outright assessments and their respective monthly averages. These assessments will reflect bulk Viscosity Grade 30 and VG 40 grade bitumen for delivery 10-25 days forward for West Coast India and 15-30 days forward for East Coast India from the date of publication.

Details of the proposed assessments are as follows:

The CFR West Coast India assessments will 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 will 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 | S&P Global Commodity Insights (spglobal.com) (opens in a new tab).

Platts continues to seek feedback on assessments for packaged bitumen delivered to West Coast India

Platts understands that while India is primarily a bulk market for bitumen, this is supplemented by imports of packaged material in drums, mainly due to logistical constraints around receiving bulk tankers in certain ports/regions.

Platts is therefore considering launching assessments for VG 30 and VG 40 grade packaged bitumen delivered in drums to West Coast India. Platts seeks continued feedback on how to best reflect typical terms of trade relevant for the packaged bitumen market, specifically location, quality, volumes and other relevant parameters.

More details on the Platts Asian bitumen assessments are available here: https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/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.

For written comments, please provide a clear indication if they are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make those not marked as confidential available upon request.