Fears of fresh Covid-19 lockdown in Philippines weigh on import billet prices

Concerns about a fresh Covid-19 lockdown in the Philippines are limiting the prices that most buyers are willing to pay for imported steel billet, market participants told Fastmarkets on Friday March 19.

Philippine steel demand was severely affected last year during the country's lockdown periods and sources believe a repeat of this situation could come soon after daily Covid-19 cases soared to an all-time high of 7,103 cases on Friday.
"The Manila market is super bearish due to fears over another lockdown. A further correction in scrap prices is also expected," a Singaporean trader said.
"The Philippines will only book billet if the price is at $600 per tonne or below," a Philippine trader said.

"There is weakness and a low confidence level in...

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