The price’s name will change to MB-STE-0141-steel billet import, cfr Manila, $/tonne from the previous MB-STE-0141-steel billet import, cfr Southeast Asia, $/tonne.

Feedback from a range of market participants during a thorough market consultation reflected a clear desire for Fastmarkets to give greater focus to the Philippine import market over other key Southeast Asian import markets for 5sp-grade billet.

Following this change, Fastmarkets will continue to track and report on sales of steel billet into other Southeast Asian import markets other than the Philippine port of Manila, but these prices will not form data points for Fastmarkets’ daily steel billet, cfr Manila price assessment.

Fastmarkets’ price assessment for steel billet import, cfr Manila, $/tonne will continue to exclude prices for Iranian billet, induction furnace (IF) billet and material of other grades, such as 1sp, 3sp, 4sp and modified 5sp billet.

In all cases where data submitters provide price information on any of these grades, Fastmarkets will ask data submitters what this price would be on a 5sp-cfr-Manila basis for non-Iranian blast furnace material. Fastmarkets has no financial interest in the level or direction of the price assessment.

Following the full consultation period, the new specifications are as follows:

Name: MB-STE-0141 Steel billet import, cfr Manila, $/tonne
Quality: 120x120mm to 150x150mm, length 12m, standard 5sp
Quantity: 5,000-50,000 tonnes
Location: cfr Manila
Timing: 6-10 weeks
Unit: $/tonne
Payment terms: Letter of credit
Publication: Daily, 5-6pm Singapore time

The original consultation on the amendments started on December 30, 2020, and was originally scheduled to have ended on February 1.

The consultation was extended to March 1 before being extended once more until April 2.

To provide feedback on the amendments to the specifications, or if you would like to provide price information by becoming a data submitter to Fastmarkets’ steel billet pricing, please contact Lee Allen by email at: pricing@fastmarkets.com. Please add the subject heading “FAO: Lee Allen, re: Southeast Asia steel billet price.”

To see all of Fastmarkets’ pricing methodology and specification documents, go to: https://www.fastmarkets.com/about-us/methodology.