Top tips for buyers of new and used barrels in these market conditions....all learned the hard way!
1. Talk to your suppliers regularly and importantly listen to what they have to say. Multiple views of the same market are really useful and it keeps you positioned for anything that arises.
2. Meet them face to face if you can, video calls and phone are okay but no substitute for in person.
3. Pay your bills on time....obviously!
4. Share your issues and ideas - we maybe able to help.
5. Be flexible on what you need - fillings are key and quality can be resolved in the next time of plenty.
6. Don't sit on the fence for too long - i'm still sore after losing 25,000 barrels in 2014 due to too much navel gazing.
7. Freight is key in these markets so don't lose sight of who provides that for you.
Someone once told me an anecdote that (as a buyer) you don't get sacked for paying too much - only for not being able to buy at all.
Always happy to chat and provide a view on what is going on right now in the barrel market. We can challenge your sourcing strategy, help you write a new on or even do it for you?