The proposed amendments to the quantity and timing of billet cargoes assessed are made in response to changing market conditions. They will enable Fastmarkets to consider more cargoes when making the daily price assessment.

The full specifications, once these proposed amendments are made, will be as follows:

Assessment: Steel billet import, cfr Southeast Asia, $/tonne
Dimensions: 120x120mm to 150x150mm, length 12m
Quantity: 5,000-50,000 tonnes
Location: CFR Manila (other Southeast Asian ports to be normalized)
Timing: 6-10 weeks
Unit: US$/tonne
Payment terms: Letter of credit
Publication: Daily, 5-6pm Singapore time

The consultation period for this proposed amendment will end one month from the date of this pricing notice, on August 19. Subject to market feedback, changes will take place from August 20.

To provide feedback on this price or if you would like to provide price information by becoming a data submitter to this price, please contact Lee Ken Kiat by email at: pricing@fastmarkets.com. Please add the subject heading 'FAO: Lee Ken Kiat, re: steel billet import, cfr Southeast Asia, $/tonne.'

To see all Fastmarkets’ pricing methodology and specification documents go to https://www.metalbulletin.com/ prices/pricing-methodology.html.