Following a consultation period, S&P Global Platts will change the credit terms for its weekly CFR India styrene monomer assessment to reflect letter of credit (L/C) 90 days, effective May 3, 2021.
Platts first proposed the change in L/C terms in a subscriber note published March 9, 2021: https://bit.ly/3lHvISc
Currently, the weekly CFR India styrene monomer assessment reflects credit terms of L/C 30 days. Platts understands that a vast majority of spot trades into India have moved to basis L/C 90 days, and the change will better reflect current standard market practice. Bids, offers and trade indications on other credit terms will be normalized to the proposed 90 days standard.
Platts publishes CFR India styrene monomer in $/mt at the close of Asian trade at 4:30 pm Singapore time (0830 GMT), every Friday.
The affected assessment is published on Platts Petrochemical Alert fixed pages 340, 412 and 449, on Platts Market Center, in the Asian Petrochemical Scan, or APS, and in the Platts database under the codes listed below:
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