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