Philippines steel billet market falls on increased supply, Vietnam deal

Prices for cargoes of steel billet imported into the Philippines have fallen because of a deluge of material being offered into Southeast Asian markets amid a lack of buying interest in China, Fastmarkets heard on Wednesday June 23.

Bid prices in China have fallen to around $650-655 per tonne cfr for 3sp billet over the first three days of this week, down from $670 per tonne cfr on Friday amid weaker demand for rebar and volatile futures markets.

This lack of buying interest in China, combined with a rise in the number of billet cargoes available from various eager sellers, has led to lower billet offer prices...

Published

Lee Allen

June 23, 2021

12:35 GMT

Singapore