Philippine steelmakers restock on import billet at higher prices

Prices for steel billets imported to the Philippines have jumped in the week to July 28 after Chinese buying activity inflated offer prices for mills in Southeast Asia, sources told Fastmarkets.

Trading activity into the Philippines had been quiet the previous week in the face of huge Chinese demand, with just one deal for Vietnamese induction furnace (IF) billet heard done at $688 per tonne cfr Manila.
With some buyers increasingly looking for material, activity has picked up into the Philippines since the weekend, sources said.
Fastmarkets' daily price assessment for steel billet import, cfr Manila assessment was at $720-730 per tonne, up $10-15 per tonne from $705-720 per tonne day on day and up $20-25 per tonne from $700-705 per tonne one week before.

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