Philippines local galvanized steel prices hike 12%

Salvio Perez, the president of Filipino Galvanizers Institute (FGI), has reported 12 percent price rise for galvanized steel on the local Philippines market, effective from 1 April 2006. The main reason given for this price increase is the very tight supply of steel materials from foreign mills, in particular from Japan, South Korea, Taiwan, China and some European mills, and, as a consequence, global steel price jump. For instance, the imported CRC, which comprise 75 percent of total components in the local manufacture of galvanized sheets, raised approximately $130-150 per ton to $650-700 per ton CFR in April. The current price rise for galvanized steel on Philippines market is the second price rise for the last two months. As SteelOrbis has reported previously, Philippines galvanized steel producers hiked prices by 5 percent in March due to the 2 percent rise in the county's VAT.