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Speciality Chemicals07-Feb-2025
HOUSTON (ICIS)–Rates for shipping containers
from Asia to the US ticked lower this week,
although they could see upward pressure from
shippers pulling forward
volumes ahead of the 30-day tariff freeze, while
rates for liquid chemical tankers held steady.
Global average rates fell by 3%, according to
supply chain advisors Drewry and as shown in
the following chart.
Global average rates are down by almost 18%
from 1 September, and down by almost 45% from
the high of the year in mid-July.
Rates from Shanghai to both US coasts fell by
1%, as shown in the following chart.
Drewry expects spot rates to decrease slightly
in the coming week due to the increase in
capacity as container ship order books are at
record highs.
Judah Levine, head of research at online
freight shipping marketplace and platform
provider Freightos, said his company is already
seeing some upward pressure on prices although
some could be because of shippers frontloading
volumes to beat the 30-day pause before tariffs
are enacted.
‘We could expect frontloading ahead of tariffs
– which has been a major factor keeping US
ocean import volumes and transpacific container
rates elevated since November – to intensify
until the new tariffs are introduced or called
off,” Levine said.
Levine said it is hard to determine the impact
from volumes being pulled forward since this
has likely been happening for several months,
and with the market in the lull surrounding the
Lunar New Year (LNY) holiday.
“But we could expect demand and rates to
increase post-LNY,” Levine said.
Container ships and costs for shipping
containers are relevant to the chemical
industry because while most chemicals are
liquids and are shipped in tankers, container
ships transport polymers, such as polyethylene
(PE) and polypropylene (PP), are shipped in
pellets.
They also transport liquid chemicals in
isotanks.
LIQUID TANKER RATES
STEADY
US chemical tanker freight rates as assessed by
ICIS were unchanged this week with contract of
affreightment (COA) nominations steady for most
trade lanes.
For the cargoes in the South American trade
lane, COAs remain strong leaving very little
spot availability. A large parcel of ethanol
fixed USG to San Luis, and several others were
quoted for second half of February.
Similarly, for the USG to ARA trade lane, it
was another off week with only a few reported
fixtures.
However, there were some unusual cargoes fixed
for products like caustic soda and ethanol.
Some styrene was reported fixed from Lake
Charles to ARA. Overall, rates seem to be
maintaining current levels particularly for the
3,000- and 5,000-tonne parcels.
There was no difference along the USG to Asia
routes, as it was another quiet week on this
trade lane.
Spot rates remain steady as the H1 February
space across the regular carriers is sold out.
Some of the larger players should have space in
the second half of February depending on COA
nominations. The chemical COAs have been steady
through H1 March, but still in the tentative
phase.
Several inquiries were seen for methanol,
ethanol, vinyl acetate monomer (VAM), styrene
and MEG.
On the other hand, bunker prices were unchanged
this week but overall remain strong.
PANAMA CANAL UPDATE
Panama’s president said the country will
not renew its agreement with China’s Belt and
Road Initiative (BRI) after a visit from US
Secretary of State Marco Rubio.
President Donald Trump surprised some when he
said that the US should reclaim the Panama
Canal, and a US congressman has since
introduced a bill that would
authorize the purchase of the vital waterway.
The actions taken by Panama’s president, Jose
Raul Molino, may slow action by the Trump
administration to take back control of the
canal.
Additional reporting by Kevin Callahan
Acrylonitrile07-Feb-2025
LONDON (ICIS)–Relatively stable demand and
evolving global supply dynamics are expected in
European acrylonitrile-butadiene-styrene (ABS)
and acrylonitrile (ACN) markets in 2025.
In this latest podcast, Europe ABS report
editor Stephanie Wix and her counterpart on the
Europe ACN report, Nazif Nazmul, share the
latest developments and expectations for what
lies ahead.
Geopolitics-led macroeconomic challenges
dampen prospects of demand resurgence
Balanced-to-long supply dynamics
anticipated to endure
Players assess impact of EU ADD
investigation into ABS imports from South
Korea, Taiwan
ABS is the largest-volume engineering
thermoplastic resin and is used in automobiles,
electronics and recreational products.
ACN is used in the production of synthetic
fibres for clothing and home furnishings,
engineering plastics and elastomers.
Polyethylene Terephthalate07-Feb-2025
SAO PAULO (ICIS)–Potential US tariffs of 25%
on all goods coming from Mexico could hit the
country’s plastics sector hard, with exports to
the US worth $800million, plastics sector trade
group Anipac said this week.
Around 75% of Mexican-produced plastics are
sold to the US
Mexico cabinet, companies hold breath as
tariffs threat lingers
Some analysts expect GDP to fall by up to
2.5% in 2025 if tariffs remain in place
The trade group’s positioning was published
after Mexico and the US reached an agreement to
put on hold the 25% tariffs for one month.
Originally, they were expected to apply from 4
February.
Anipac lauded the Mexican government for
achieving a partial success but warned that the
threat of tariffs remains.
According to figures from the trade group,
exports to the US represent 75% of all plastics
produced in Mexico, but Mexco’s share of
overall US plastics imports is only 2%.
“The [trade] tension and the result of the
imposition of tariffs by our main trading
partner will have a direct impact on a decrease
in production, loss of formal jobs, and
increase in production costs in the vertical
integration of manufacturing sectors [in North
America],” said Anipac, in a note signed by its
president, Marlene Fragoso.
“We express our deep concern about President
Trump’s strategy of imposing 25% tariffs on all
imports of Mexican products as a strategy to
put pressure on Mexico to resolve migration and
fentanyl trafficking issues, regardless of the
agreements under [North America trade deal]
USMCA.”
Anipac praised the “timely and positive
management” of Mexico’s federal government in
“this first intervention”, but did not want to
claim victory for good as tariffs may be a
reality in a few weeks.
Moreover, corporate Mexico has been adjusting
since November to the idea of a second Trump
presidency in which import tariffs – as a
strategy to exert pressure or as a reality –
are likely to be a key part of the US-Mexico
bilateral relationship for much of Trump’s
second term in the White House.
“We remain in close communication with our
peers in the US and attentive to the evolution
of this issue,” said Anipac.
The trade group had not responded to a request
for further comment at the time of writing.
One of the polymers which could be greatly
affected by a 25% US import tariff would be
polyethylene terephthalate (PET), one of the
most widely used plastics. The US is a net
importer of PET and product coming from Canada
and Mexico would be hard to replace.
This, in turn, would
push prices up, said market sources earlier
this week, as any costs related to tariffs
would be passed on to customers.
IMPORT TARIFFS TO WORSEN
SLOWDOWNUS imports tariffs on
Mexican goods would deliver a blow to Mexico’s
economy.
While Mexican plastics producers send around
75% of their output to the US, the overall
figure for the manufacturing sectors is 80%.
A 25% import tax on four-fifths of all goods
made in Mexico sold in the US could send the
country’s economy into a long and deep
recession, most economists agree.
In fact, Mexico’s GDP
fell in the fourth quarter of 2024 by 0.6%,
compared with the third quarter, while the
petrochemicals-intensive manufacturing sectors
started 2025 in contraction, the
same way they ended 2024.
In a note published this week, Spanish bank
BBVA, with important operations in Mexico, said
the country’s GDP could fall by up to 2.5% in
2025 if tariffs are finally implemented and
extend in time.
“What economic effects could these tariffs have
on the US? The answer depends on various
factors, among which the following stand out:
the duration of the tariffs, possible tariff
retaliations by Mexico and Canada, exchange
rate adjustments and the spare capacity in the
US to produce the goods that replace imports
with the 25% tariff,” said BBVA Research.
“What economic consequences the tariffs would
have for Mexico? The impact on investment,
exports and competitivity could be very
adverse. Therefore, there would be a
significant downside risk to economic growth in
2025.”
MEXICO MANUFACTURING PMI
INDEXLast 12 months; reading
below 50.0 points shows contraction
February 2024
52.3
March
52.2
April
51.0
May
51.2
June
51.1
July
49.6
August
48.5
September
47.3
October
48.4
November
49.9
December
49.8
January 2025
49.1
Source: S&P
Additional reporting by Bruno Menini
Focus article by Jonathan
Lopez
Front thumbnail: Trucks at the US-Mexico
border (Source: US National Association of
Manufacturers (NAM))

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Recycled Polyethylene Terephthalate07-Feb-2025
LONDON (ICIS)–Senior editor for recycling Matt
Tudball discusses the latest developments in
the European recycled polyethylene
terephthalate (R-PET) market, including:
Colourless, mixed coloured, blue flake
prices rise
Food-grade pellet (FGP) prices increase
Question if demand will be sustained
Petcore 2025 conference highlights
Speciality Chemicals07-Feb-2025
SINGAPORE (ICIS)–Mitsubishi Chemical on Friday
said that is selling its pharmaceutical unit
Mitsubishi Tanabe Pharma Corp (MTPC) to US
private equity firm Bain Capital for around yen
(Y) 510 billion ($3.4 billion) as it seeks to
focus on its core chemical business.
The sale is expected to be completed in
April-September 2026, pending shareholder
approval at Mitsubishi Chemical’s annual
meeting scheduled in late June 2025.
“Changes in the industry and business structure
have reduced the potential for synergies,” the
company said.
“Large-scale investment is essential to
strengthen Mitsubishi Tanabe Pharma’s R&D
capacity and further growth, but such
investment would not be a feasible option under
our ownership.”
Proceeds from the sale of between Y200
billion-250 billion will be directed toward a
combination of strategic priorities: new growth
investments, returning value to shareholders,
and reducing debt.
Some Y250 billion-300 billion has been
designated for capital and financial
investments focused on five key business areas
under the company’s “KAITEKI Vision 35”
initiative.
KAITEKI, a Mitsubishi Chemical concept,
proposes a path to sustainable development,
guiding solutions to environmental and social
problems.
Among these priorities is the establishment of
a stable supply platform for green chemicals, a
goal that will be pursued through expanded
collaboration with global partners.
Mitsubishi Chemical is also prioritizing
eco-conscious mobility, focusing on development
of a high-value-added carbon fiber chain to
meet increasing demand for sustainable
transportation solutions.
To facilitate progress in advanced data
processing and telecommunications, the company
plans to bolster the global expansion of its
semiconductor precision cleaning technology.
It is also increasing the global capacity of
its engineering plastic products to support the
development of groundbreaking therapies.
Petrochemicals07-Feb-2025
MUMBAI (ICIS)–India’s central bank on Friday
reduced its benchmark interest rate for the
first time in nearly five years, to address
slowing economic growth amid heightened global
geopolitical uncertainty and continued weakness
in the Indian rupee (Rs).
Benchmark interest rate cut by 25 basis
points to 6.25%
Monetary policy stance kept at “neutral”
Year-to-March ’26 GDP growth forecast at
6.7%; inflation at 4.2%
In its monetary policy decision, the Reserve
Bank of India (RBI) cut its policy interest
rates to 6.25% from 6.50% previously and
retained its monetary policy stance at
“neutral”.
Meanwhile, it has maintained the repurchase
(repo) rate at 6.50% since February 2023. The
last time it reduced this repo rate was in May
2020.
India is a giant emerging market in Asia, whose
economy ranks among the fastest growing in the
world in recent years. The country is also a
major importer of petrochemicals.
RBI’s monetary policy meeting, the first under
its new governor Sanjay Malhotra, was conducted
days after India’s budget for the
fiscal year 2025-26 was presented to
parliament, in which the government cut
personal income tax in a bid to boost
consumption and growth.
“While inflation has declined and is expected
to further moderate in the next financial year,
and economic growth is expected to recover, it
is still much lower than the last fiscal. This
has opened up the space for easing the repo
rate,” Malhotra said.
Malhotra assumed the RBI governor post in
December 2024.
While the central bank remains optimistic about
India’s growth outlook, following a good
monsoon season and an anticipated revival of
capital expenditure, global factors could slow
down growth, he said.
“The world economic landscape remains
challenging with slower pace of disinflation,
lingering geopolitical tensions and policy
uncertainties,” the RBI said in its official
statement.
“The strong [US] dollar also continues to
strain emerging market currencies and enhance
volatility in financial markets,” it added.
At 08:30 GMT, the Indian rupee was trading at
Rs87.40 to the US dollar.
It plunged to an all-time low of Rs87.58
against the US dollar on 6 February.
RBI has projected India’s GDP growth rate for
the next fiscal year ending March 2026 at 6.7%
– near the high end of the finance ministry’s
growth forecast of 6.3% to 6.8%.
In fiscal Q2 (July-September 2024), the south
Asian country’s actual GDP growth slowed to
5.4%,
the weakest in almost two years due to
sluggish manufacturing growth and weak
consumption. It was also significantly lower
than the RBI’s projection of a 7% growth for
the quarter.
The government will release its third quarter
GDP data on 28 February.
RBI GDP Forecasts
FY 2025-26
April-June (Q1)
6.7%
July-September (Q2)
7.0%
October-December (Q3)
6.5%
January-March (Q4)
6.5%
Meanwhile, inflation forecast for the current
fiscal year has been retained at 4.8%, with
fiscal Q4 (January-March 2025) inflation
revised down to 4.4% from 4.5% previously on
easing food inflation.
The RBI has projected retail inflation to be at
around 4.2% in the next fiscal year.
“Headline inflation after moving above the
upper tolerance band in October, has since
registered a sequential moderation in November
and December,” Malhotra said.
While food inflation is expected to soften
further over the next few quarters, core
inflation is expected to rise but remain
moderate, he added.
However, rising uncertainties in global
financial markets, coupled with continuing
volatility in the global energy prices and
adverse weather events could present upside
risks to the RBI’s inflation projections, the
RBI said.
In December, consumer inflation eased to a
four-month low of
5.22% on easing food prices
RBI inflation forecasts
FY 2025-26
April-June (Q1)
4.5%
July-September (Q2)
4.0%
October-December (Q3)
3.8%
January-March (Q4)
4.2%
Focus article by Priya Jestin
Speciality Chemicals07-Feb-2025
SINGAPORE (ICIS)–Japanese
carmaker Mitsubishi Motors Corp (MMC) is
set to invest Peso (Ps) 7 billion ($121
million) in the Philippines over the next five
years.
MMC president and CEO Takao Kato announced the
plan during a meeting with Philippine President
Ferdinand Marcos Jr on 6 February.
The plan includes adding a new production model
at the Mitsubishi Motors Philippines Corp
(MMPC) plant in Laguna province, according to a
statement issued by the Presidential
Communications Office (PCO).
Kato said the Philippines is MMC’s most
important investment in southeast Asia, citing
its good and stable economy.
MMPC operates a manufacturing plant in Santa
Rosa, Laguna, with an annual production
capacity of 50,000 units, which can be doubled,
it stated.
As of November last year, MMPC had a 19% share
of the domestic market, trailing behind
Toyota’s 46% share.
Marcos also announced that MMC will be part of
the government’s Revitalizing the Automotive
Industry for Competitiveness Enhancement (RACE)
program which aims to boost the
competitiveness of the local automotive
industry.
“In the ASEAN, (the) Philippines is our number
one market,” MMC’s Kato said.
Within southeast Asia, MMC also has
production facilities in Thailand, Indonesia
and Vietnam.
The Japanese carmaker also has
manufacturing plants in China and Russia.
The automotive industry is a major global
consumer of petrochemicals that contributes
more than one-third of the raw material costs
of an average vehicle.
The sector drives demand for chemicals such as
polypropylene (PP), along with nylon,
polystyrene (PS), styrene butadiene rubber
(SBR), polyurethane (PU), methyl methacrylate
(MMA) and polymethyl methacrylate (PMMA).
($1 = Ps58)
Speciality Chemicals07-Feb-2025
SINGAPORE (ICIS)–South Korea is streamlining
regulations to make it easier for regions
densely populated by petrochemical companies to
qualify as “industrial crisis response areas”,
a designation that unlocks government support
and financial assistance to mitigate impact of
market downturns.
Yeosu, Ulsan, Daesan petrochemical hubs to
benefit
Focus shifts to manufacturing for crisis
designation
Voluntary business restructuring encouraged
This designation also unlocks access to
tailored assistance in areas like employment
stability, R&D, commercialization, market
access, and consulting, according to a Ministry
of Trade, Industry and Energy (MOTIE)
administrative notice released on 5 February.
The new regulation follows a wide-ranging
support package unveiled by the government on
23 December 2024, aimed at bolstering the
competitiveness of its domestic petrochemical
industry, which is facing a global oversupply
driven by expansions in China and the Middle
East.
This policy shift is expected to benefit major
petrochemical hubs such as Yeosu, Ulsan, and
Daesan, providing them with greater access to
resources designed to mitigate economic
downturns and to support continued growth
within the sector.
Previously, the high proportion of the services
sector in cities like Yeosu hindered their
ability to be designated as industrial crisis
response areas.
The revised regulations will now assess
“regional stagnation” based solely on the
manufacturing sector, excluding service
industries.
This change will allow regions heavily reliant
on manufacturing, particularly petrochemicals,
to meet the designation criteria more readily.
MULTI-PRONGED STRATEGY
A cornerstone of the government’s latest plan
is encouraging voluntary business
restructuring, encompassing facility closures,
sales, joint ventures, efficiency improvements,
and new business acquisitions.
To facilitate these changes, the government
will implement legal reforms and offer a range
of financial and tax incentives.
These include extending the grace period for
acquiring 100% of holding company shares from
three to five years and streamlining merger
reviews with the Korean Fair Trade Commission
(FTC), the country’s regulatory authority for
economic competition.
A dedicated consultation channel between MOTIE
and the FTC will further expedite reviews and
support restructuring efforts.
Separately, the government plans to provide up
to Korean won (W) 3 trillion ($2.1 billion) in
financing packages for petrochemical companies
seeking to revamp their business portfolios,
including expanded access to a W1 trillion
business restructuring fund managed by the
Korea Development Bank.
For designated Industrial Crisis Response
Areas, existing loan maturities from policy
financial institutions will be extended,
principal repayments deferred; national tax
payment deadlines extended; and seizure and
sale deferred for up to one year.
Beyond restructuring, the government is
targeting cost reduction.
The duty-free period for crude oil used in
naphtha production will be extended by a year
until the end of 2025 and import surcharges on
liquefied natural gas (LNG) used as industrial
raw materials will be refunded.
A “fast-track” approval process will be
implemented for ethane terminal and storage
tank construction to facilitate access to
cheaper raw materials.
Additional cost-saving measures include
expanding electricity rate options through
distributed power trading and rationalizing
safety regulations.
The plan will also support R&D focused on
shifting production from general-purpose
petrochemicals to specialized, high-value-added
products.
An “R&D Investment Roadmap for 2025-2030”
will be unveiled in the first half of this
year, and preliminary feasibility studies for
high-value and eco-friendly chemical material
technology development will be conducted.
The support ratio for regional investment
subsidies in Industrial Crisis Response Areas
will be increased, national strategic and new
growth technologies will be identified, and a
W50 billion “High-Value Specialty Fund” will be
established to promote production of specialty
chemicals.
DOMESTIC PRODUCERS
STRUGGLE
South Korea’s four largest petrochemical
manufacturers – LG Chem, Lotte Chemical, Kumho
Petrochemical and Hanwha Solutions – faced
continued challenges in 2024.
LG Chem reported a net loss of W899.2
billion in the fourth quarter, reversing the
net profit of W128.5 billion a year ago due to
decreased demand for both petrochemicals and
battery materials. It also reported an
operating loss of W252 billion in the same
period.
The company has revised down its capital
expenditure plan for the year to W2 trillion-3
trillion from W4 trillion previously as it
navigates the market downturn.
Separately, as part of its global expansion
strategy, LG Chem has secured a deal to supply
cathode materials to Prime Planet Energy and
Solutions (PPES) – a joint venture of Japanese
carmaker Toyota and appliance maker Panasonic –
starting 2026.
The company will focus on developing
eco-friendly materials and technologies that
align with PPES’ low-carbon vision.
Meanwhile, major ethylene producer Lotte
Chemical in Q3 2024 reported a loss of W514
billion, on “delayed demand recovery, lower
product spreads due to currency depreciation,
one-time costs from maintenance at overseas
subsidiaries, and rising shipping costs”.
The company is now pursuing an asset-light
strategy, which involved liquidation of its
Malaysian synthetic rubber production
subsidiary Lotte Ube Synthetic Rubber (LUSR) –
a joint venture with Japan’s Ube Elastomer.
Based in Johor, Malaysia, LUSR produces 50,000
tonnes/year of polybutadiene rubber (PBR).
Lotte Chemical also plans to generate W1.4
trillion in proceeds from sale of stakes in
overseas subsidiaries.
Synthetic rubber major Kumho Petrochemical Co
reported on 4 February a Q4 net income of W61.3
billion, down 33% year on year, due to weak
market demand due to a year-end drop in raw
material prices; with operating profit
shrinking by about 72% to W10 billion despite a
19% increase in sales to W1.8 trillion.
Insight article by Nurluqman
Suratman
($1 = W1,446)
Thumbnail image shows an aerial view of a
container pier in South Korea’s southeastern
port city of Busan.
(YONHAP/EPA-EFE/Shutterstock)
Gas06-Feb-2025
Dutch regulator ‘reprimanded’ company over
possible market manipulation on TTF gas hub
Price manipulation on major benchmark hub
can cost other participants, consumers
Company in question to be ‘closely
watched’, trader committed to ‘no longer
engage’ in such behaviour
Additional reporting by Jamie Stewart
LONDON (ICIS)–The Dutch energy regulator has
“reprimanded” an international company for
“possible market manipulation” at the TTF gas
hub, according to a statement released 6
February.
The statement was clearly intended to deter
market participants from attempting to “mark
the close”, as it termed the behaviour, adding
such behaviour was “an illegal trading
practice”. It did not reveal the company in
question and did not cite any specific penalty.
The Dutch Authority for Consumers and Market
(ACM) added it would “continue to keep a close
watch on the company” and that the trader had
pledged to no longer “engage in this conduct”.
MARKET INFLUENCE
According to ACM, the practice of “marking the
close” can occur if a market participant
influences the reference price on a wholesale
energy market by buying or selling close to the
moment that a settlement price is determined.
This can involve bidding for orders with a much
higher asking price or buying excessively large
volumes on offer right before the market close,
as a result of which the price spikes up.
The reverse can also be true, with the price
range pushed down by repeatedly offering
volumes at a lower price or selling excessively
large volumes.
As a result of a closing value that does not
otherwise reflect market fundamentals or the
prevailing price range, other traders, as well
as Dutch and other European energy consumers,
foot the bill for forward contracts that later
settle at this closing price.
IMPLICATIONS
The cases cited by ACM concerned the short-term
Day-ahead contract at the Dutch TTF gas hub.
The ICIS TTF Day-ahead is a benchmark price
commonly used across the energy industry.
The TTF is by far the most traded hub in
Europe, and market moves would affect other
hubs not only locally but across the continent.
Rules across Europe governing energy market
trade are laid out in the EU’s Regulation on
Wholesale Energy Market Integrity and
Transparency which covers market abuse
including market manipulation and insider
trading.
ICIS POSITION
Richard Street, international regulatory
affairs head at ICIS’ parent company LexisNexis
Risk Solutions, said: “We were aware of the
issues referred to by ACM. We have strict data
standards that allow us to remove any
off-market trades.
“Market participants who make trades they know
are off-market can pre-empt any issues by
marking these deals as ‘P&C’ or contact us
confidentially to make us aware of the
circumstances surrounding unusual activity.”
Street added it was “clearly disappointing that
ACM has had to publicly reprimand certain
traders for their behaviour” but he was hopeful
that this “sends a clear message that
regulators are watching and will take action
where necessary”.
The Dutch regulator added: it was “calling on
market participants and other relevant
stakeholders on the wholesale energy markets to
share information about possible illegal
trading activities. They can do so using
ACER’s Notification
Platform. See also ACM’s
website: Reporting suspicious
energy trading.” Eduardo
Escajadillo
EDITOR’S VIEW
How price reporting is done is of vital
importance to maintain trust in the integrity
of commodities markets, and in the price
formation process itself. This is important
because these markets, in some way, touch all
of our lives.
Price reporting agencies (PRAs) such as ICIS
welcome the support of regulators in ensuring a
robust price discovery environment.
In this case the Dutch regulator ACM has flexed
its muscles, reminding all market participants
of their obligations, as well as its own as a
watchdog with a duty to consumers.
Best practice in the discipline of price
reporting is defined by the EU Benchmarks
regulation, which as a benchmark administrator
ICIS aligns its practices to, as well as the
long-standing IOSCO principles of best price
for price reporting in commodities markets.
ICIS has long been a voluntary signatory to the
IOSCO principles and is audited against these
principles every year.
PRAs best-practice models also lay out how to
deal with unusual trading patterns. Central to
the approach is transparency if transactions
are deleted from a price assessment process,
which does happen from time to time.
For example, this
British NBP gas market comment published by
ICIS as recently as 30 January, said: “February
’25 trades recorded at the time of the close at
the value of 130.500p/th were deemed to be
outside of the prevailing range of verified
market information reflecting the value of the
contract at that time and were therefore
excluded from the assessment and ICIS indices.”
Our publicly available pricing methodologies,
for example our
gas methodology, give more details
regarding ICIS price reporting practices.
Jamie Stewart
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