The Philippines' bioethanol reference price continued to march lower to hit Peso 58.09/liter ($1.17/l) in November -- a fresh 2016 low -- down Peso 0.36/l from October, according to data released by the Philippines' Sugar Regulatory Administration early this week.
The reference price is calculated from the average costs of the two major feedstock for ethanol -- molasses and sugar cane.
According to the report, the Negros molasses price fell Peso 350.27/mt from October to Peso 9,634.80/mt in November, resulting in a lower equivalent molasses feedstock cost of Peso 41.16/l, which is an eight-month low.
Meanwhile, the equivalent sugar cane feedstock cost was Peso 30.43/l, equating to a sugar cane price of Peso 2,130.27/mt, up Peso 48.9/mt month on month.
The CIF Philippines fuel-grade ethanol marker was assessed at $515/cu m on November 30, down $8.33/cu m from October 31, S&P Global Platts data showed.
As such, the domestic Philippines ethanol price was around 227% higher than the imported fuel-grade ethanol price.
However, the spread between the two has been narrowing since September, when the domestic price was around 251% higher than the imported price.
