The Philippines' domestic bioethanol reference price for first-half December rebounded by 3.32% to Philippine Peso 43.89/liter (88 cents/liter) from a five-year low in November, according to data released Friday by the Sugar Regulatory Administration.
This was the first uptick in the country's domestic bioethanol reference price from H2 July this year, buoyed by stronger domestic molasses and sugar prices. The bioethanol reference price had fallen by 17.68% from H2 July to Peso 42.42/liter in H2 November.
The domestic Negros molasses price rose by Pesos 339.64/mt (8.26%) from H2 November to Pesos 4,449.1/mt in H1 December, resulting in a higher equivalent feedstock cost of Peso 20/liter.
The equivalent sugarcane feedstock cost in H1 December was Peso 23.20/liter, equating to a sugarcane price of Peso 1,623.8/mt, rising by Peso 108.97/mt (7.19%) from H2 November.
However, the Philippines' H1 December domestic bioethanol price fell 22.66% year on year from Peso 56.75/liter in H1 December 2016, S&P Global Platts data showed.
In comparison to domestic prices, the average CIF Philippines fuel ethanol price for H1 December was $449.61/cu m, making it almost double the price of imported ethanol, Platts data showed.
The Philippines' domestic bioethanol reference price is calculated by adding up transportation costs and the average cost of two major feedstocks for ethanol production, molasses and sugarcane.
