Increasingly strong Chinese steel prices over the last week have led to a surge in steel billet offer prices to the Manila market
, despite muted buying interest amid high stock levels in the Philippines. Buyers in Thailand and Indonesia remained out of the market.
Offer prices - which were at $455-460 per tonne cfr Manila for 5sp billet most of last week - have risen to above $470 per tonne cfr in recent days.
Vietnamese induction furnace (IF) billet was offered at $472 per tonne cfr Manila, while Indonesian blast furnace (BF) billet was available at $475 per tonne cfr on Tuesday.
Bids from buyers in Manila have remained largely rangebound, however, with inquiries for Japanese 3sp billet...