Philippine importers asked to pay higher for steel billet amid tight supply

Buyers in the Philippines are being asked to bid higher to secure steel billet cargoes due to limited supply available to the Philippine market, sources told Fastmarkets.

In China's latest round of buying in the week to October 1, the steelmaking behemoth took in material from Russia, Turkey and Indonesia, among others. Total purchases of import billet to China since September 6 have now reached around 1 million tonnes, Fastmarkets estimates.
Chinese buyers are now likely to be quiet for the coming week given they are celebrating the National Day holiday on October 1-7, which may give Philippine buyers the chance to enter the market and book cargoes, sources said.

China's frenetic buying activity has reduced supply, however, forcing some buyers in the Philippines to...

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