According to market sources, Vietnamese offers to the Philippines for ex-induction furnace or ex-basic oxygen furnace (BOF) billet are at $548/mt CFR Manila port, while Chinese offers to the same destination for ex-BOF billet are at $540/mt CFR, for shipment on February 15. Under these circumstances, market sources state that Vietnamese billet suppliers have no chance of offering an advantageous price to the Philippines in comparison with their Chinese competitors.