Philippines steel billet prices again dragged up by China buying

Prices for steel billet imported to Southeast Asia have been inflated by buying prices to China over the last week, market participants told Fastmarkets on Friday March 26.

Offers for Vietnam-origin 5sp billet were heard at $615 per tonne cfr Manila during the week, while Far East Russia-origin material was heard offered at $605 per tonne cfr on Wednesday, with India-origin 125-mm billet heard offered at the same price.
Sales for Far East Russia-origin 5sp billet were heard at $600-610 per tonne cfr Philippines in recent days.
One deal, at $600-605 per tonne cfr Manila was heard to have been sold initially at $590-595 per tonne cfr Philippines last week but a problem with the deal meant that it was re-booked at the higher price of $600-605 cfr reflecting rising freight costs, sources said.

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