The quantity assessed has been expanded to cargo sizes of 5,000-50,000 tonnes from 5,000-20,000 tonnes while the timing has been lengthened to 6-10 weeks from 6-8 weeks. The amendment will capture more spot billet market transactions in Southeast Asia.
All historical data relating to this price prior to the amendments will remain available in the pricing section of the Fastmarkets website.
Following the amendments, the full specifications 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 are normalized)
Timing: 6-10 weeks
Payment terms: Letter of credit
Publication: Daily, 5-6pm Singapore time
The amendments take effect from Tuesday 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: email@example.com. Please add the subject heading 'FAO: Lee Ken Kiat, re: steel billet import, cfr Southeast Asia, $/tonne.'
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology.
Fastmarkets has amended the quantity and timing specifications of its price assessment for steel billet imports, cfr Southeast Asia, $/tonne after a one-month consultation period.