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METHODOLOGY AND SPECIFICATIONS GUIDE

PETROCHEMICALS TIMING AND INCREMENT GUIDLINES


Latest update: February 2016

EUROPE PETROCHEMICALS TIMING GUIDELINES 2


EUROPE PETROCHEMICALS INCREMENT GUIDELINES 2
ASIA PETROCHEMICALS TIMING GUIDELINES 3
ASIA PETROCHEMICALS INCREMENT GUIDELINES 3
AMERICAS PETROCHEMICALS TIMING GUIDELINES 4
AMERICAS PETROCHEMICALS INCREMENT GUIDELINES 4

www.platts.com PETROCHEMICALS
METHODOLOGY AND SPECIFICATIONS GUIDE PETROCHEMICAL TIMING AND INCREMENT GUIDLINES: FEBRUARY 2016

EUROPE PETROCHEMICALS TIMING GUIDELINES


Explanation of assessment Outright or Physical cargoes, Window or Bids/offers due for Cut off for last Reaction time after a No more price Repeat of an order which triggers Period of testing the repeatability
guideline categories: spreads partials or paper swaps eWindow window entry price changes trade to repeat order changes Market close extension of the window of an order traded near close
Region Product State Environment Pricing state Repeatability Final state Extension trigger period Extension state
Europe Ethylene Outright Pipeline Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe Propylene Outright Pipeline Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe Butadiene Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe Butadiene Outright RTC Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe MTBE Outright Barges eWindow 4.05.00.99 4.30.00.99 Within 30 secs N/A 4.30.00.99 4.29.40.99 4.30.00.99 4.30.01.00 4.31.00.99
Europe MTBE Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe ETBE Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe ETBE Spread Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe Toluene Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe Toluene Spread Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe MX Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe MX Spread Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe Benzene Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
Europe PX Outright Barges Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.29.40.00 4.29.59.99 4.30.00.00 4.32.59.99
All times shown as local time in London

EUROPE PETROCHEMICALS INCREMENT GUIDELINES


Physical cargoes, partials Window or
Explanation of assessment guideline categories: Outright or spreads or paper swaps eWindow Volume of physical or paper contract The amount and frequency of sequential price movements necessary to test market reaction
Region Volume Increment
Region Product State Environment Min Max Unit Frequency
Europe Ethylene Outright Pipeline Window 100 mt 0.25 1 €/mt per 1 min
Europe Propylene Outright Pipeline Window 100 mt 0.25 1 €/mt per 1 min
Europe Butadiene Outright Barges Window 1000 mt 0.25 1 $/mt per 1 min
Europe Butadiene Outright RTC Window 100 mt 0.25 1 €/mt per 1 min
Europe MTBE Outright Barges eWindow 1000 mt 0.25 1 $/mt per 20 secs
Europe MTBE Outright Barges Window 1000 mt 0.25 1 $/mt per 1 min
Europe ETBE Outright Barges Window 1000 mt 0.25 3 $/mt per 1 min
Europe ETBE Spread Barges Window 1000 mt 0.25 3 $/mt per 1 min
Europe Toluene Outright Barges Window 1000 mt 0.25 1 $/mt per 1 min
Europe Toluene Spread Barges Window 1000-2000 mt 0.25 2 $/mt per 1 min
Europe MX Outright Barges Window 1000 mt 0.25 1 $/mt per 1 min
Europe MX Spread Barges Window 1000 mt 0.25 2 $/mt per 1 min
Europe Benzene Outright Barges Window 1000 mt 0.25 1 $/mt per 1 min
Europe PX Outright Barges Window 1000 mt 0.25 1 $/mt per 1 min

Copyright © 2016 by Platts, McGraw Hill Financial 2


METHODOLOGY AND SPECIFICATIONS GUIDE PETROCHEMICAL TIMING AND INCREMENT GUIDLINES: FEBRUARY 2016

ASIA PETROCHEMICALS TIMING GUIDELINES


Explanation of assessment Outright or Physical cargoes, Window or Bids/offers due for Cut off for last Reaction time after a No more price Repeat of an order which triggers Period of testing the repeatability
guideline categories: spreads partials or paper swaps eWindow window entry price changes trade to repeat order changes Market close extension of the window of an order traded near close
Region Product State Environment Pricing state Repeatability Final state Extension trigger period Extension state
Asia Benzene Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia Benzene Paper Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia MTBE Outright Cargoes Window 3.59.59.99 4.29.59.99 Within 40 secs 4.29.59.59 4.29.59.99 4.29.59.59 4.29.59.99 4.30.00.00 4.32.59.99
Asia Methanol Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia Toluene Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia Styrene Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia Isomer MX Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia Solvent MX Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia PX Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
Asia OX Outright Cargoes Window 3.59.59.99 4.27.59.99 Within 60 secs 4.28.00.00 4.29.59.99 4.28.00.00 4.29.59.99 4.30.00.00 4.32.59.99
All times shown as local PM time in Singapore

ASIA PETROCHEMICALS INCREMENT GUIDELINES


Explanation of
assessment guideline Physical cargoes, partials Window or
categories: Outright or spreads or paper swaps eWindow Volume of physical or paper contract The amount and frequency of sequential price movements necessary to test market reaction
Region Volume Increment
Region Product State Environment Min Max Unit Frequency
half month laycans (5 laycans for no minimum set, but no bids
Asia Benzene Outright Cargoes Window 3,000mt 3,000mt $1 $/mt per 60 secs
FOBK) seen below $1/mt
no minimum set, but no bids
Asia Benzene Paper Swaps Window 1,000mt 1,000mt full months (three forward months $1 $/mt per 60 secs
seen below $1/mt
15-40 days from the date of no minimum set, but no bids
Asia MTBE Outright Cargoes Window 2,000mt 3,000mt $1 $/mt per 60 secs
publication seen below $1/mt
2,000mt or 3,000mt (2,000mt for CFR India, SEA and 20-40 days from the date of no minimum set, but no bids
Asia Methanol Outright Cargoes Window 5,000mt $1 $/mt per 60 secs
Taiwan; 3,000mt for CFR China and Korea) publication seen below $1/mt
half month laycans (5 laycans for no minimum set, but no bids
Asia Toluene Outright Cargoes Window 2,000mt 2,000mt $1 $/mt per 60 secs
FOBK and 2 for CFR China) seen below $1/mt
half month laycans (5 laycans for no minimum set, but no bids
Asia Styrene Outright Cargoes Window 2,000mt 2,000mt $1 $/mt per 60 secs
FOBK and 3 for CFR China) seen below $1/mt
no minimum set, but no bids
Asia Isomer MX Outright Cargoes Window 3,000mt 3,000mt half month laycans (4 for FOBK) $1 $/mt per 60 secs
seen below $1/mt
loaded or delivered 20-40 days no minimum set, but no bids
Asia solvent MX Outright Cargoes Window 1,000mt 2,000mt $1 $/mt per 60 secs
from the date of publication seen below $1/mt
half month laycans, both 4 for no minimum set, but no bids
Asia PX Outright Cargoes Window 5,000mt 5,000mt $1 $/mt per 60 secs
FOBK and 4 for CFR China/Taiwan seen below $1/mt
loaded or delivered 20-40 days no minimum set, but no bids
Asia OX Outright Cargoes Window 2,000mt 3,000mt $1 $/mt per 60 secs
from the date of publication seen below $1/mt

Copyright © 2016 by Platts, McGraw Hill Financial 3


METHODOLOGY AND SPECIFICATIONS GUIDE PETROCHEMICAL TIMING AND INCREMENT GUIDLINES: FEBRUARY 2016

AMERICAS PETROCHEMICALS TIMING GUIDELINES


Explanation of assessment guideline Outright or Physical cargoes, Window or Bids/offers due for Cut off for last Reaction time after a No more price Repeat of an order which triggers Period of testing the repeatability
categories: spreads partials or paper swaps eWindow window entry price changes trade to repeat order changes Market close extension of the window of an order traded near close
Region Product State Environment Pricing state Repeatability Final state Extension trigger period Extension state
Americas MTBE Outright Barges eWindow 2.45.00.99 3.14.00.99 Within 30 secs 3.14.00.01 3.15.00.99 3.14.30.01 3.14.59.99 3.15.00.01 3.16.00.99
Americas methanol Outright Barges Window 2.44.59.99 3.12.59.99 Within 60 secs 3.13.00.01 3.14.59.99 3.14.30.01 3.14.59.99 3.15.00.00 3.17.59.99
Americas benzene Outright Barges Window 2.44.59.99 3.12.59.99 Within 60 secs 3.13.00.01 3.14.59.99 3.14.30.01 3.14.59.99 3.15.00.00 3.17.59.99
Americas styrene Outright Barges Window 2.44.59.99 3.12.59.99 Within 60 secs 3.13.00.01 3.14.59.99 3.14.30.01 3.14.59.99 3.15.00.00 3.17.59.99
Americas ethylene Outright Pipeline Window 2.44.59.99 3.12.59.99 Within 60 secs 3.13.00.01 3.14.59.99 3.14.30.01 3.14.59.99 3.15.00.00 3.17.59.99
Americas refinery grade propylene Outright Pipeline Window 2.44.59.99 3.12.59.99 Within 60 secs 3.13.00.01 3.14.59.99 3.14.30.01 3.14.59.99 3.15.00.00 3.17.59.99
Americas Paraxylene Outright Barges Window 2.44.59.99 3.12.59.99 Within 60 secs 3.13.00.01 3.14.59.99 3.14.30.01 3.14.59.99 3.15.00.00 3.17.59.99
All times shown as Eastern Standard Time

AMERICAS PETROCHEMICALS INCREMENT GUIDELINES


Physical cargoes, partials Window or
Explanation of assessment guideline categories: Outright or spreads or paper swaps eWindow Volume of physical or paper contract The amount and frequency of sequential price movements necessary to test market reaction
Region Volume Increment
Region Product State Environment Min Max Unit Frequency
Americas MTBE Outright Barges Window 25,000 bbl 1 point 25 points cents/gal per 20 seconds
Americas methanol Outright Barges Window 10,000 bbl 1 point 25 points cents/gal per 1 minute
Americas benzene Outright Barges Window 10,000 bbl 1 point 25 points cents/gal per 1 minute
Americas styrene Outright Barges Window 1,000 mt - 5,000 mt 1 point 10 points cents/lb per 1 minute
Americas ethylene Outright Pipeline Window 5 million lbs - 10 million lbs 1 point 10 points cents/lb per 1 minute
Americas refinery grade propylene Outright Pipeline Window 5 million lbs - 10 million lbs 1 point 10 points cents/lb per 1 minute
Americas PX Outright Barges Window 5,000 mt 0.25 1 $/mt per 1 minute

Copyright © 2016 by Platts, McGraw Hill Financial 4


METHODOLOGY AND SPECIFICATIONS GUIDE PETROCHEMICAL TIMING AND INCREMENT GUIDLINES: FEBRUARY 2016

REVISION HISTORY

February 2016: Platts increased the increments by which bids and


offers can be improved in the European ETBE Market on Close
assessment process to a maximum of $3/mt per minute to align it
with practices in the related MTBE market. Platts updated timing and
increment guidelines for the Asian MTBE eWindow.

September 2015: Platts updated timing and increment guidelines for


the US MTBE eWindow and updated period of repeatability begin time
for all other US products

August 2015: Platts clarified timing cutoffs for US physical markets


and added timing and incrementability guidelines for paraxylene.

July 2015: Platts added guidelines on the manual MTBE window,


PX and spreads for MX and toluene, clarified timings for eWindow,
amended volume on toluene to 1,000-2,000 mt.

June 2015: Platts clarified European petrochemical increment


guidelines for ETBE, toluene and MX spreads to maximum $2. Platts
amended reaction time after a trade in MTBE eWindow to 30 seconds
and clarified the currnecy for MTBE, ETBE and aromatics

March 2015: Platts added timing and increment guidelines for


benzene, methanol, styrene, ethylene and propylene in March 2015.
The guidelines were added to clarify those guidelines for the affected
markets. Methodologies for market coverage were not changed
through this revision.

August 2014: Platts revamped all Petrochemical Methodology And


Specifications Guides, including its Petrochemicals Timeing And
Increment Guidelines, in August 2014. This revamp was completed
to enhance the clarity and usefulness of all guides, and to introduce
greater consistency of layout and structure across all published
methodology guides. Methodologies for market coverage were
not changed through this revamp, unless specifically noted in the
methodology guide itself.

Copyright © 2016 by Platts, McGraw Hill Financial 5