Philippine buyers return for Russian steel billet during Chinese holiday

Philippine steelmakers have come back to the import market for steel billet while key buyers in China are celebrating National Day holidays, sources said on Wednesday October 6.

Russian 5sp 125mm electric-arc furnace (EAF) billet was sold at $690-693 per tonne cfr Philippines this week, several key market participants told Fastmarkets on Wednesday.
A European trader said that the 125mm EAF billet cargo was first sold by a Russian mill to a trading house at $630 per tonne fob, with the trader then selling into the Philippine market.

Sources said that the total size of the cargo was 24,000 tonnes and given that one of the Philippine buyers enquiring about the cargo was a medium-sized steelmaker, a South Asian trading source said that this buyer would be unable to take the whole lot size alone and it...

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