Higher billet price in deal to Philippines

Friday, 13 December 2019 14:38:24 (GMT+3)   |   Istanbul
       

According to market sources, the leading steel producer in the Philippines - SteelAsia - has bought about 42,000 mt of ex-Qatar 150 mm billet at $446/mt CFR for February shipment. Such a higher price level was accepted in the deal because the freight rate to the customer’s rebar plant in Davao is much higher than to Manila, SteelOrbis has learned. Nevertheless, the tradable level for import billet in the Philippines has reached $440/mt CFR Manila following this contract, which is $5/mt higher compared to the previous transaction price.

However, it has been reported that small re-rollers in the Philippines are still not ready to accept higher prices and have withdrawn their bids. “I had bids at $435/mt CFR early this week, but now bids other than SteelAsia’s are certainly waning,” an Asian trader said.


Similar articles

Turkish official merchant bar export prices move sideways

29 Mar | Longs and Billet

Turkey’s Kardemir issues planned sales volumes for April-June

22 Mar | Steel News

Iran’s steel exports up 7.6 percent in first 11 months of Iranian year

20 Mar | Steel News

Ex-Turkey official merchant bar prices soften

01 Mar | Longs and Billet

Ex-China billet most competitive in SE Asian billet market amid lower futures prices

22 Feb | Longs and Billet

Italy’s Feralpi Group to meet construction sector’s carbon-reduced rebar demand

20 Feb | Steel News

Local Indian rebar trade prices improve slightly, but fundamentals still negative

20 Feb | Longs and Billet

India’s RINL floats export tender for 15,000 mt of rebar for April delivery

20 Feb | Longs and Billet

India’s RINL floats export tender for 30,000 mt of billet

20 Feb | Longs and Billet

China comes back from long holiday with mixed signals

19 Feb | Flats and Slab