Specifications Guide

Global Sugar
Latest update: October 2024

Definitions of the trading locations for which Platts Additional price assessments. . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 7
publishes indexes or assessments.......................... . . . . 2

Third-Party Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... 7

Raw Sugar Assessments........................................ . . . . 3 China - ZCE White Sugar Futures. . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... 7
Thai Hi Polarization. . . . . . . ........................................... . . . . 3 Mexico - SNIIM Mexican Standard & Refined Sugar Prices . . .. 7
Forward physical curve.. ........................................... . . . . 3 Commitments of Traders Update. . . . . . . . . . . . . . . . . . . . . . . . . . . . ......... 7
Center South Brazil.. . . . . . ........................................... . . . . 4 White Sugar Premium.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 9

CFR Asia price arbitrage matrix and calculations..... . . . . 5 Revision history. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ 10

White Sugar Assessments...................................... . . . . 6

Brazil 150 ICUMSA.. . . . . . . ........................................... . . . . 6
Europe 45 ICUMSA .. . . . . ........................................... . . . . 6

www.spglobal.com/commodityinsights
Specifications Guide Global Sugar: October 2024

Definitions of the trading locations for which Platts publishes indexes or assessments

All the assessments listed here employ S&P Global Commodity Insights’ Platts Assessments Methodology, as published at

https://www.spglobal.com/commodityinsights/en/our-methodology/methodology-specifications/agriculture/sugar-methodology

These guides are designed to give Platts subscribers as much information as possible about a wide range of methodology and specification questions.

This guide is current at the time of publication. Platts may issue further updates and enhancements to this guide and will announce these to subscribers through its usual publications of record.
Such updates will be included in the next version of this guide. Platts editorial staff and managers are available to provide guidance when assessment issues require clarification.

The following global sugar guide contains the primary specifications and methodologies for Platts sugar assessments throughout the world. The various components of this guide are designed to give
Platts subscribers as much information as possible about a wide range of methodology and specification issues.

The assessments listed in this guide reflect the prevailing market value of the specified product at the following times:

Asia – 16:30 Singapore time

EMEA – 16:30 London time

Americas – 16:30 London time for all assessments (Brazil) in line with the European market close

© 2024 by S&P Global Inc. All rights reserved. 2

Specifications Guide Global Sugar: October 2024

Raw Sugar
Currency/ Monthly Contract
Assessment Code Contract type Location Timing Min size Max size
UOM Avg basis

Thai Hi Polarization
Thai Hi Polarization outright price ¢/lb SGAAD00 SGAAD03 Spot FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within front calendar month 8,000 12,000
Thai Hi Polarization premium 0.01 ¢/lb SGAAC00 SGAAC03 Spot FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within front calendar month 8,000 12,000
Thai HiPol Sugar Flat Price First 75-day Window ¢/lb SGAGD00 SGAGD03 Forward Physical Curve FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within 75-day shipment window 8,000 12,000
Thai HiPol Sugar Premium First 75-day Window 0.01 ¢/lb SGAFD00 SGAFD03 Forward Physical Curve FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within 75-day shipment window 8,000 12,000
Thai HiPol Sugar Flat Price Second 75-day Window ¢/lb SGAID00 SGAID03 Forward Physical Curve FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within 75-day shipment window 8,000 12,000
Thai HiPol Sugar Premium Second 75-day Window 0.01 ¢/lb SGAHD00 SGAHD03 Forward Physical Curve FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within 75-day shipment window 8,000 12,000
Thai HiPol Sugar Inter-Window Spread 1 ¢/lb SGALD00 Forward Physical Curve FOB Bangkok, Laem Chabang, Koh Si Chang, Sri Racha Contractual delivery within 75-day shipment window 8,000 12,000

Center South Brazil

Brazil CS VHP outright price ¢/lb SGABA00 Spot FOB Santos Loading in current calendar month 15,000 50,000
Brazil CS VHP premium 0.01 ¢/lb SGAAE00 Spot FOB Santos Loading in current calendar month 15,000 50,000
Brazil CS VHP Second Month outright price ¢/lb SGAAW00 Spot FOB Santos Loading in first calendar month forward 15,000 50,000
Brazil CS VHP Second Month premium 0.01 ¢/lb SGAAX00 Spot FOB Santos Loading in first calendar month forward 15,000 50,000

Timing: Contractual loading within the front calendar

Raw Sugar Assessments Forward physical curve
month. The assessment rolls to the following calendar
month on the 11th of each month unless that day is not a Quality: Price assessments reflect Thai raw sugar of a fair
Thai Hi Polarization
business day, in which case the assessment rolls on the average quality of the current crop, with a minimum polarization
Quality: Price assessments reflect Thai raw sugar of a next business day. on a wet basis of 98.5 degrees, at the time of shipment.
fair average quality of the available crop, with a minimum
polarization on a wet basis of 98.5 degrees, at the time of Frequency: Assessment are published on a weekly basis every Quantity: Cargo assessments reflect parcels of 12,000 mt,
shipment. Thursday. When the publishing day falls on a Singapore and US though FOB cargoes of between 8,000 mt and 12,000 mt may be
public holiday, the assessments will be published the working considered.
Quantity: Cargo assessments reflect parcels of 12,000 mt, day prior.
though FOB cargoes of between 8,000 mt and 12,000 mt may be Basis & location: FOB Bangkok, Laem Chabang, Koh Si Chang
considered. Unit of assessment: 0.01 US cents per pound. and Sri Racha.

Basis & location: FOB Bangkok, Laem Chabang, Koh Si Chang Notes: The weekly and monthly assessments are published Loading rate: 3,000 mt per weather working day. Other rates
and Sri Racha. as a premium to the prior day settlement for the front-month may be taken into account but normalized to cargoes fitting the
contract of ICE Sugar No. 11 Futures, as well as an outright price, assessment specification.
Loading rate: 3,000 mt per weather working day. Other rates effective 16:30 Singapore time.
may be taken into account but normalized to cargoes fitting the Timing: The weekly assessed curve includes the first two 75-day
assessment specification. shipment windows. As the calendar year runs, these are March

© 2024 by S&P Global Inc. All rights reserved. 3

Specifications Guide Global Sugar: October 2024

1 to May 15, May 1 to July 15, July 1 to September 15, and October Timing: Assessments reflect two calendar loading months: the
Center South Brazil
1 to December 15. The assessments will roll forward in line with current calendar month and next calendar month forward. The
expiry of the ICE Sugar No. 11 Futures monthly contract. Quality: Price assessments reflect Brazil Center South VHP assessments roll over to the following calendar month on the
raw cane sugar with minimum polarization of 99 degrees and first publication day after the 10th of the month.
Unit of assessment: 0.01 US cents per pound. maximum 99.49 degrees.
Unit of measurement: 0.01 US cents per pound.
Notes: The weekly and monthly assessments are published as Quantity: Typical parcel size of 50,000 mt.
premiums to the prior day settlements for the corresponding Frequency: Assessments are published as a differential to
contract months of ICE Sugar No. 11 Futures, as well as outright Basis & location: FOB Santos, Brazil. Cargoes loading from the London 16:30 timestamped assessment for the front-
prices, effective 16:30 Singapore time. The outright price does Paranagua, Brazil may be normalized back to the basis location. month contract of ICE Sugar No. 11 Futures that day, as
not include an additional polarization premium. well as an outright price, effective 16:30 London time. The
Loading rate: 10,000 mt per weather working day. Other rates assessments are published on a weekly basis every Thursday
Loading period Underlying futures contract month
may be taken into account but normalized for assessment or the prior working day in case of a São Paulo or US holiday
March-May 15 March
purposes. on a Thursday.
May-July 15 May
July-September 15 July
October-December 15 October

© 2024 by S&P Global Inc. All rights reserved. 4

Specifications Guide Global Sugar: October 2024

CFR Asia Sugar Price Arbitrage Matrix

Assessment Symbol UOM Location Timing Size

Asia origin
Thai HiPol Sugar Pol Premium SGAAF00 $/mt Indonesia 25,000mt
Thai HiPol CFR Indonesia Before Tax SGAAG00 $/mt Indonesia 25,000mt
Thai HiPol CFR Indonesia Sugar Tax SGAAH00 $/mt Indonesia 25,000mt
Thai HiPol Sugar CFR Indonesia Import Parity SGAAI00 $/mt Indonesia 25,000mt
Brazil origin
Brazil VHP Sugar Pol Premium SGAAJ00 $/mt Indonesia 50,000mt
Brazil VHP CFR Indonesia Before Tax SGAAK00 $/mt Indonesia 50,000mt
Brazil VHP CFR Indonesia Sugar Tax SGAAL00 $/mt Indonesia 50,000mt
Brazil VHP Sugar CFR Indonesia Import Parity SGAAM00 $/mt Indonesia 50,000mt

Thailand Freight for Brazil to Indonesia is basis a cargo size of 50,000 mt

CFR Asia price arbitrage matrix and calculations
CFR Indonesia before tax and import parity price includes the sugar from Santos, Brazil to Cigarding, Indonesia, loading 15-30
The weekly raw sugar price arbitrage matrix compares the quality or polarization premium for Thailand raws at 3.75% pol days forward from the date of publication.
import parity of Thai and Brazil raw sugar into Indonesia, one over the Platts FOB Thailand HiPol premium assessment.
of Asia’s largest raw sugar buyers. The matrix calculates Thai A flat duty of Indonesian Rupiah 550,000/mt for Brazilian raw
Raw HiPol sugar and Brazil VHP for prompt shipment cargoes, Freight for Thailand to Indonesia is basis 25,000 mt cargo size sugar is also applied. The final levy on Brazilian raw sugar into
comprising cash and polarization premiums from both origins, from Laem Chabang in Thailand to Ciwandan, loading 7-20 days Indonesia is calculated in dollars per metric ton using the
freight and import taxes. forward from the date of the publication. relevant daily exchange rate published by the Indonesian central
bank https://www.bi.go.id/id/statistik/informasi-kurs/jisdor/
The CFR Indonesia import parity price for Thai HiPol is published Import levy on Thai sugar is 5%. Default.aspx
at the 16:30 Singapore market on close and follows Singapore’s
publishing schedule, while the Brazilian VHP reflects the 16:30 The calculation for CFR Indonesia import parity for Thai origin is The exchange rate follows the Indonesia holiday schedule,
London market on close and follows Brazil’s publishing schedule. FOB Thailand spot loading premium plus polarization premium and on days when there is no daily exchange rate Platts will
This assessment will be published every Thursday. When the plus freight and import levy. reference the previous day’s exchange rate.
publishing day falls on a Singapore, UK and US public holidays,
the assessments will be published the working day prior. Brazil The calculation for CFR Indonesia import parity for Brazil
CFR Indonesia before tax and import parity price includes the origin is the sum FOB Brazil VHP spot loading premium plus
The import parity calculation is as follows: quality or polarization premium for Brazil raw sugar at 4.2% pol polarization premium plus freight and import levy.
to the Platts FOB Brazil VHP premium assessment.

© 2024 by S&P Global Inc. All rights reserved. 5

Specifications Guide Global Sugar: October 2024

White Sugar
Assessment Currency/UOM Code Monthly Avg Contract basis Location Timing Min size Max size Typical size

Brazil 150 ICUMSA

Container Brazil 150 outright price $/mt SGADA00 FOB Santos Loading in current month 10 50
Container Brazil 150 premium $/mt SGACE00 FOB Santos Loading in current month 10 50
Europe 45
UK Delivered Eur/mt SGAEF04 Delivered UK Contractual delivery up to two full calendar months. 200 5,000
North Italy Delivered Eur/mt SGAEL04 Delivered North Italy Contractual delivery up to two full calendar months. 200 5,000
Northwest Europe Eur/mt SGAEG04 ExW NWE, 'beet belt' Contractual loading up to two full calendar months. 1,000 5,000

White Sugar Assessments

Notes: Assessments are published as a differential to the Frequency: Assessment are published on a weekly basis every
London 16:30 timestamped assessment for the front-month Thursday. When the publishing day falls on a UK public holiday,
Brazil 150 ICUMSA
contract of ICE Sugar No. 11 Futures that day, as well as an the assessments will be published the working day prior.
Quality: Price assessments reflect Brazil white sugar with a outright price, effective 16:30 London time.
maximum ICUMSA of 150. White sugar EXW Northwest Europe

Europe 45 ICUMSA
Quantity: Container assessments reflect between 10 and 50 Quality: Price assessments reflect EU 45 ICUMSA white sugar
containers. UK and North Italy – delivered of standard quality and a maximum ICUMSA of 45 and meeting
EEC No 2 quality.
Basis & location: Container assessments are basis FOB Santos, Quality: Price assessments reflect EU 45 ICUMSA white sugar
Brazil. Container cargoes loading from Paranagua, Brazil of standard quality and a maximum ICUMSA of 45 and meeting Quantity: Bulk sugar, considering 1,000 to 5,000 mt. Other
may be taken into account but normalized for assessment EEC No 2 quality. volumes can be considered and may be normalized back to the
purposes. reference volume range.
Quantity: Indications from 200 mt to 5,000 mt may be
Timing: Assessments reflect loading within the current calendar considered, with the assessment normalized to reflect Basis & location: ExWorks Northwest Europe, the assessment
month. The assessments roll to the following calendar month on breakbulk sugar delivered on a 3,000 to 5,000 mt size. reflects sugar from Germany, France, the Netherlands and
the first publication day after the 5th of each month. Belgium, often referred to as the Beet Belt.
Basis & location: Inland deliveries are considered basis country
Unit of measurement: US dollars per mt. of delivery. Timing: Contractual loading up to two full calendar months from
the day of the assessment.
Frequency: Assessment are published on a weekly basis every Timing: Contractual delivery up to two full calendar months
Thursday. When the publishing day falls on a Brazil and US from the day of the assessment. Unit of assessment: Euro per mt.
public holiday, the assessments will be published the working
day prior. Unit of assessment: Euro per mt. Frequency: Weekly, Thursday

© 2024 by S&P Global Inc. All rights reserved. 6

Specifications Guide Global Sugar: October 2024

„ CEPEA Esalq domestic crystal sugar R$/50kg „ SNIIM Estandar GDL $/mt
Additional price assessments
Platts Brazil Ethanol, Raw Sugar Equivalent „ Platts also publishes this price in US dollars per mt, using a „ SNIIM Estandar PUEBLA Pesos/50kg
„ Platts also publish Hydrous ANP domestic ex-mill Ribeirao USD.BRL rate assessed by Platts at 13:30 Central Time.
with taxes (Real/cu m) (SGAEC00) and the Raw sugar „ SNIIM Estandar PUEBLA $/mt
equivalent (Brazil ex-mill Ribeirao hydrous) (c/lb) (SGBAC00) „ CEPEA Esalq domestic crystal sugar $/mt
basis 16:30 São Paulo time. „ SNIIM Estandar TOL Pesos/50kg

China - ZCE White Sugar Futures

More information on the methodology underpinning these „ SNIIM Estandar TOL $/mt
assessments can be found in the https://www.spglobal.com/ „ Zhengzhou (ZCE) China White Sugar Futures Mo01 Yuan/mt
commodityinsights/PlattsContent/_assets/_files/en/our- „ SNIIM Refined Average Pesos/50kg
methodology/methodology-specifications/global_biofuels.pdf. „ Zhengzhou (ZCE) China White Sugar Futures Mo02 Yuan/mt
„ SNIIM Refined Average $/mt
Platts European Ethanol, Raw Sugar Equivalent „ Zhengzhou (ZCE) China White Sugar Futures Mo03 Yuan/mt
Platts also publishes a conversion reflecting EU Ethanol T2 „ SNIIM Refined DF Pesos/50kg
FOB Rotterdam expressed in raw sugar equivalent, taking the „ Zhengzhou (ZCE) China White Sugar Futures Mo01 $/mt
EU Ethanol T2 FOB Rotterdam Euro per metric ton assessment „ SNIIM Refined DF $/mt
weekly average, calculated from Friday to the following Thursday, „ Zhengzhou (ZCE) China White Sugar Futures Mo02 $/mt
and converting it to raw sugar equivalent using a conversion rate „ SNIIM Refined GDL Pesos/50kg
of 0.538. „ Zhengzhou (ZCE) China White Sugar Futures Mo03 $/mt
„ SNIIM Refined GDL $/mt

Third-Party Data Mexico - SNIIM Mexican Standard & Refined Sugar Prices „ SNIIM Refined PUEBLA Pesos/50kg
Platts publishes a range of data from third-party providers. „ Platts publishes the following standard and refined sugar prices
This includes domestic sugar prices for Brazil, China, from the Mexico National Information System and Market „ SNIIM Refined PUEBLA $/mt
India and Mexico, settlement prices and volume and open Integration [SNIIM], Ministry of Economy in Pesos/50 kg. Platts
interest totals for the ICE Sugar No. 11 Futures and ICE also publishes these prices in US dollars per mt, using a USD. „ SNIIM Refined TOL Pesos/50kg
White No. 5 Sugar Futures, and the weekly Commitments of MXN rate assessed by Platts at 13:30 Central Time.
Traders. „ SNIIM Refined TOL $/mt
„ SNIIM Estandar Average Pesos/50kg
Brazil - CEPEA/ESALQ Price Contract specifications reflected are defined by SNIIM, including
„ SNIIM Estandar Average $/mt the locations as follows:
Platts publishes the following third party data from Brazil’s
Region Wholesale Distribution Centers State Abbrev.
Center for Advanced Studies on Applied Economics (CEPEA) „ SNIIM Estandar DF Pesos/50kg
Central Central de Abasto de Iztapalapa Mexico City DF
at the Luiz de Queiroz College of Agriculture, University of São
Central Central de Abasto de Toluca State of Mexico TOL
Paulo. Specifications reflected are defined by CEPEA for its „ SNIIM Estandar DF $/mt
West Mercado de Abasto de Guadalajara Jalisco GDL
domestic crystal sugar prices. Gulf Central de Abasto de Puebla Puebla PUEBLA
„ SNIIM Estandar GDL Pesos/50kg

© 2024 by S&P Global Inc. All rights reserved. 7

Specifications Guide Global Sugar: October 2024

„ Sugar No. 11 ICE Futures US COT Report Nonreportable Gross „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo02
Commitments of Traders Update
Short
Platts publishes the following data from the US Commodities „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo03
Futures Trading Commission on the ICE sugar No. 11 futures The four reported trading categories are described in Platts
contact: long, short and net positions for the four trader publications as follows: „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo04
categories, as well as the open interest. The net position is
CFTC COT Report Platts
calculated by subtracting the gross shorts from the gross longs. „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo05
Non-Commercial Large Funds
Commercial Commercial
„ Sugar No. 11 ICE Futures US COT Report Open Interest „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo06
Index Traders Index Funds
Nonreportable Nonreportable
„ Sugar No. 11 ICE Futures US COT Report Index Funds Net „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo07
Position
ICE Settlements, Open Interest and Volume „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo08
„ Sugar No. 11 ICE Futures US COT Report Index Funds Gross Long Platts publishes the end of day settlements, spreads, open
interest and volume data for the ICE Sugar No. 11 and White „ Sugar No. 11 ICE Futures US Settlement Price Mo01
„ Sugar No. 11 ICE Futures US COT Report Index Funds Gross Sugar futures contracts.
Short „ Sugar No. 11 ICE Futures US Settlement Price Mo02
„ Sugar No. 11 ICE Futures US Open Interest Mo01*
„ Sugar No. 11 ICE Futures US COT Report Commercial Net „ Sugar No. 11 ICE Futures US Settlement Price Mo03
Position „ Sugar No. 11 ICE Futures US Open Interest Mo02*
„ Sugar No. 11 ICE Futures US Settlement Price Mo04
„ Sugar No. 11 ICE Futures US COT Report Commercial Gross Long „ Sugar No. 11 ICE Futures US Volume Mo01
„ Sugar No. 11 ICE Futures US Settlement Price Mo05
„ Sugar No. 11 ICE Futures US COT Report Commercial Gross „ Sugar No. 11 ICE Futures US Volume Mo02
Short „ Sugar No. 11 ICE Futures US Settlement Price Mo06
„ White Sugar No. 5 ICE Futures Europe Open Interest Mo01
„ Sugar No. 11 ICE Futures US COT Report Large Funds Net „ Sugar No. 11 ICE Futures US Settlement Price Mo07
Position „ White Sugar No. 5 ICE Futures Europe Open Interest Mo02
„ Sugar No. 11 ICE Futures US Settlement Price Mo08
„ Sugar No. 11 ICE Futures US COT Report Large Funds Gross Long „ White Sugar No. 5 ICE Futures Europe Total Open Interest
„ Sugar No. 11 ICE Futures US Settlement Price Mo09
„ Sugar No. 11 ICE Futures US COT Report Large Funds Gross „ White Sugar No. 5 ICE Futures Europe Volume Mo01
Short „ Sugar No. 11 ICE Futures US Settlement Price Mo10
„ White Sugar No. 5 ICE Futures Europe Volume Mo02
„ Sugar No. 11 ICE Futures US COT Report Nonreportable Net „ Sugar No. 11 ICE Futures US Settlement Price Mo11
Position „ White Sugar No. 5 ICE Futures Europe Total Volume
*Open Interest information is updated in the database the next
„ Sugar No. 11 ICE Futures US COT Report Nonreportable Gross „ White Sugar No. 5 ICE Futures Europe Settlement Price Mo01 business day, when it is made available by the exchange.
Long

© 2024 by S&P Global Inc. All rights reserved. 8

Specifications Guide Global Sugar: October 2024

White Sugar Premium

Platts publishes a White Sugar Premium, which is calculated by
subtracting the front-month ICE Sugar No. 11 settlement price,
converted to US dollars per mt, from the front-month ICE White
Sugar No. 5 Futures settlement price. No value is published if
either ICE Europe or ICE US exchange is closed for UK or US
public holidays.

© 2024 by S&P Global Inc. All rights reserved. 9

Specifications Guide Global Sugar: October 2024

Revision history August 2022: Platts completed an annual review of this guide, $/mt values of three Sugar M grade Live Spot Quotes listed on
reviewing all content, and making minor edits to language India’s National Commodity and Derivatives Exchange (NCDEX),
October 2024: Platts adds new European Ethanol Raw Sugar throughout for consistency and clarity. Platts discontinued the and the name under which the CEPEA domestic sugar value is
Equivalent price in the Additional Price Assessments section. publication of third-party IKAR sugar prices effective March 14, published, effective July 1, 2020.
2022. Platts added a table for CFR Asia Sugar Price Arbitrage
June 2024: Platts completed an annual review of this guide, Matrix. June 2020: Platts discontinued the FOB Thailand J-Spec
reviewing all content, and making minor edits to language raw sugar outright price and related differential, due
throughout for consistency and clarity. Platts confirms the Thai December 2021: Platts updated this guide to reflect the launch to changing market dynamics and diminishing liquidity.
raw sugar loading period versus ICE No. 11 futures contract of the CFR Asia Sugar Price Arbitrage Matrix. Platts also discontinued the World Spot sugar prices
month. Platts updates cadence of European sugar assessments (Kingsman Daily Prices) to reflect changing trade flow
to Thursday. August 2021: Platts removed the UK country assessment dynamics in the global sugar market. As part of this
from the Western Europe regional assessment, effective July discontinuation, Platts discontinued its weekly Raw Sugar
March 2024: Platts updated DDP Germany sugar assessment to 5; discontinued the ‘IPR – 45ic imports in containers – CFR’ CNF Antwerp price, which was calculated by adding a
ExWorks Northwest Europe. assessment, effective July 16; and revised the freight calculation fixed cost to account for freight, to the Raws C&F World
in the ‘Export price equivalent – ex-works’ assessment, effective Spots price.
August 2023: Platts completed an annual review of this guide, July 29.
reviewing all content, and making minor edits to language November 2019: Platts completed an annual review of the
throughout for consistency and clarity. July 2021: Platts completed an annual review of this methodology guide, making general typographical changes.
specifications guide. Platts updated this guide to clarify that The description of polarization for Thai sugar was corrected
June 2023:Platts changed the frequency of Thai raw sugar the European delivered assessments reflect a breakbulk basis; to reflect degrees as the unit of measurement, while units
assessment from daily to weekly and discontinued the Thai updated the incoterm for IPR (Inward Processing Relief) – 45ic of measurement for Thai hi-polarization premiums and
45 icumsa white sugar breakbulk and container assessments imports in containers from CNF to CFR for Brazilian exports to assessments were updated to reflect 0.01 US cents/pound in
as of June 1. Platts discontinued the Greece, Spain Southern Europe; and amended the shipment periods for Thai Hipol raw the tables. Corrected mention of USD.CNY source as the Bank
Italy, Belgium, Netherlands, and France weekly delivered sugar forward curves. of China. Removed mention of NCDEX Mo01 futures which were
assessments, as well as the White sugar container EU45IC discontinued.
flat price and premium assessments, the EU Export Price December 2020: Platts launched monthly average assessments
Equivalent Ex-Works Weekly Flat Price, the continental Europe based on the calendar month for its FOB Thailand HiPol and 45i August 2019: Platts discontinued the FOB Paranagua Breakbulk
to Antwerp assessment and the delivered Med Europe and sugar assessments effective Dec. 1, 2020. Brazil 45 white sugar outright price and related differential, due
delivered NWE Europe weekly assessments. All were removed to changing market dynamics and diminishing liquidity.
from the guide. Platts also changed the frequency of Brazilian November 2020: Platts updated this guide to reflect
sugar assessments from daily to weekly and discontinued the discontinuation of North Northeast Brazil raw sugar January 2019: Platts made minor revisions as part of the annual
Brazil white sugar 45 icumsa assessment, Brazil white sugar 150 assessments effective Nov. 3, 2020 and corrected typo in Brazil methodology review.
icumsa in Breakbulk assessment and Raw sugar third month 45 white sugar containers assessment symbol in table.
loading. There were updates on the calendar schedule to reflect November 2017: Revisions made as part of the annual review.
Brazil assessing sugar future contracts. July 2020: Platts completed an annual review of this Updated Loading rate, dates, timing and locations, adding
specifications guide. Platts reviewed all content, corrected normalization. In addition, ICE Settlements, Open Interest
September 2022: Platts discontinued some third-party data typos and made minor edits to language. Platts also updated and Volumes were also updated with correct contract
related to ICE futures. the guide to reflect the discontinuation of the publication of the references.

© 2024 by S&P Global Inc. All rights reserved. 10

Specifications Guide Global Sugar: October 2024

October 2017: Platts specifies freight calculations for IPR July 2016: Platts adds two additional Brazil CS VHP forward (Premium to Ldn 5) - FAS Antwerp, pending discontinuation of
45icImports in Containers CNF and Raw sugar delivered CNF month assessments. Platts launched EU country delivered that assessment March 2, 2016.
Antwerp assessments. assessments (UK, Germany, France, Netherlands, Belgium,
Northern Italy, Southern Italy, Spain, Greece) from July 1, 2016. October 2015: Platts updated the Thai Raw Sugar Assessments
February 2017: Thai sugar assessments: Platts changed the These new assessments are an accompaniment to the existing to include the new Thai Hi-Pol Forward Physical Curve, which
timestamp to 16:30 Singapore time, from 16:30 London. In Western and Mediterranean Delivered assessments. launched October 5, 2015.
addition, the underlying futures used to calculate outright
price assessments for Thai sugar became the prior day May 2016: Brazil white sugar breakbulk basis port updated to April 2015: Platts updated the Export (Premium to Ldn 5) - FOB
settlement of the ICE No. 11 Futures and ICE White Sugar FOB Paranagua from Santos. Antwerp and Export price equivalent - Ex works assessments to
Futures. reflect new weekly frequency. The notes on timing reflected for
April 2016: Codes updated for Brazil Breakbulk 45 ICUMSA raws and whites were also clarified.
December 2016: Annual Review. Sections I-VI have been assessments.
updated to reflect house style. ‘with standard terms’ removed December 2014: Platts updated the website links for the sugar
from the ‘What to Report’ section on p.2. ‘Market-maker’ March 2016: Platts removed references to EU Export (Premium futures after new versions were published by ICE.
has been updated to ‘market participant’. ‘Quality & Risk to Ldn 5) – FAS Antwerp after the discontinuation of the
Management’ is now known as ‘Compliance’. On p.7, ‘current assessment effective March 2, 2016. A methodology was also October 2014: Platts added specifications and methodology
crop’ was updated to ‘available crop’. Roll Schedules have been added for the range of third-party data published on a daily and details for new weekly EU sugar assessments.
removed from p. 7. ‘Contractual delivery’ has been amended weekly basis by Platts.
to ‘contractual loading’ throughout this guide. On p.11, under August 2014: Platts revamped all Agriculture Methodology
Western Europe – delivered, ‘United Kingdom’ has been added December 2015: Platts added methodology for its World Spots and Specification guides, including its Sugar guide, in August
to Location. ‘Notes’ have been removed from the EU Sugar (aka Kingsman Daily Prices), as well as providing notes on Platts 2014. This revamp was completed to enhance the clarity and
assessments section. Links to external websites have been Brazil Ethanol, Raw Sugar Equivalent Price Assessments. usefulness of all guides, and to introduce greater consistency
removed. of layout and structure across all published methodology
October 2015: Effective October 28, 2015, Platts changed the guides. Methodologies for market coverage were not
October 2016: Platts clarified its methodology for the conversion basis of its Containers EU 45 assessment to reflect basis changed through this revamp, unless specifically noted in the
to US dollars of China ZCE White Futures third-party data. FAS Antwerp. This change was also applied to the Export methodology guide itself.

© 2024 by S&P Global Inc. All rights reserved. 11