As per the latest information SteelOrbis has obtained from the Philippines market, CIS billet offers have recently moved up about $10/mt, with new offers now standing at about $460-465/mt CFR Manila for February/March shipments.
As the rebar market does not promise any upward movement for the time being and as local billet prices appear more attractive in comparison, buyers in this market are not inclined to accept the increased price levels of CIS billet and continue to hold back from bidding above $455/mt CFR. Insiders comment that an upward movement in ex-CIS billet offers to the Philippine market can be expected if an improvement in domestic prices is observed in the next couple of weeks.