Philippines steel billet import prices remain at steep premium to China

Buyers in the Philippines have purchased imports of steel billet at largely flat prices despite the crash in the Chinese market this week, sources told Fastmarkets on Friday November 5.

The Chinese ferrous futures markets have continued to nosedive this week, further reducing the prices in the country's domestic steel billet spot market. On Friday, key China market participants told Fastmarkets that prices of more than $620-630 per tonne cfr China would not be workable for imports into the country.
Over the past three weeks, Southeast Asian markets, including the Philippines, have received a barrage of offers from Chinese traders trying to sell-on their position cargoes of 3sp and 4sp billet at around $660-670 per tonne cfr.
But despite the continued drop in the Chinese market, offer prices for these cargoes have not decreased this week, sources said. An offer for a 3sp resale billet cargo was heard at $664 per tonne cfr Thailand in recent days, although bids were heard at only $645 per tonne cfr.

A deal for 10,000 tonnes of Thailand-origin 3sp induction furnace (IF) billet...

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