Although HRC price levels are at $460-470/mt ex-works in the local Philippine market, import HRC offers to this country are on an uptrend since importers think that there are alternative markets and also that the prices in the local market may go up further. Thus, ex-Japan HRC offers to the Philippines are at $500-510/mt, ex-South Korea offers are at $480-490/mt and ex-Russia offers are at $490-495/mt; all offers are CFR Philippines and excluding seven percent import duty.
Meanwhile, due to the tightening of slab supplies in Taiwan, ex-Taiwan HRC offers to the Philippines have gone up to the level of $520/mt CFR Philippines, excluding seven percent import duty.