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Platts opens consultation on MX, toluene methodology

S&P Global Platts is opening a formal consultation regarding possible methodology changes to its European mixed xylene and toluene assessments.

In light of evolving market dynamics, Platts is consulting market participants on methodology specifications relating to delivery laycans and cargo sizes.

Specifically, Platts is considering initial feedback that wider minimum delivery laycans and larger parcels in the Market on Close assessment process would be more reflective of CIF ARA market practice.

DELIVERY PERIODS AND NOMINATION: Platts reflects full-month delivery periods in its assessments and allows for MOC bids and offers for minimum 10 day delivery windows within a month. Platts invites feedback on the typical delivery periods included in spot contracts, and the most appropriate period to be reflected in Platts assessments. In addition, Platts invites feedback on typical nomination practices in these markets regarding vessel, terminal and final delivery laycan.

QUANTITY: Platts current assessments reflect minimum quantities of 1,000 mt. Platts invites feedback on typical quantities traded in spot contracts, and the most appropriate volume, or range, to be reflected in Platts assessments.

VESSEL: Platts current assessments reflect barge deliveries, though the buyer should not unreasonably withhold the option for delivery on a larger vessel. Platts invites feedback on typical vessel sizes employed for spot deliveries, as well as typical trade terms employed regarding demurrage and laytime.

NOMINATION TIMING: Platts current assessments specify a delivery nomination period of minimum 5 days forward from publication date. This means that Platts rolls forward M1 assessments to the next calendar month 5 working days before the end of the current calendar month. Platts invites feedback on market practice regarding typical nomination timings for spot trades.

Platts also seeks feedback on the timing of any potential methodology change that may emanate from the consultation phase.

Please send all questions and comments to petchems@spglobal.com and pricegroup@spglobal.com by October 31, 2019.

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.