Offer prices for imported billet to the Philippines have been on a rising trend, so there has been little chance to buy at discounts or even at the previous price level and importers in the Philippines have had to accept a further hike in prices.
One of the major Asian traders managed to sell 125 mm Russian billet at $445/mt CFR late last week. Also, 30,000 mt in total of 100 mm Russia-origin billet have been traded to the Philippines at up to $446/mt CFR. A few trading sources told SteelOrbis that, if any buyers from the Philippines want to purchase, it will not be very easy to find even $445/mt CFR at the moment.
“Indians have a [good] local market. They are not competitive. Offers from Vietnam are also very high,” one of the local sources in Manila added. Most offer prices from EAF or BOF producers from Vietnam and Indonesia have been heard at above $450/mt CFR the Philippines.
The SteelOrbis reference price for imported billet in Southeast Asia was at $440-445/mt CFR last week and has since increased to $445/mt CFR.