Spot prices for imported steel billet into the Philippines have risen following fresh sales to the country in recent days with some buyers facing low stock levels, sources told Fastmarkets on Thursday April 15.
Last week, buyers in Manila indicated their interest at prices of no more than $635 per tonne cfr for standard 5sp billet, while Chinese buyers had already paid $660 per tonne cfr for 3sp material at the very start of the week.At the start of the week beginning April 12, lower domestic prices in the Chinese billet market led Chinese buyers to reduce their interest in imported cargoes, which prompted a drop in offers for Indonesian-origin 3sp blast furnace (BF) billet of around $10 per tonne to $660 per tonne cfr...