Steel billet offers to Philippines fall, market awaits China’s return from holiday

Activity in the Asian import markets for steel billet has been stifled over the past few days amid continued weak demand in the Philippines market and China’s Mid-Autumn Festival holiday, sources told Fastmarkets on Tuesday September 21.

Offers from traders for 125mm 5sp-grade billet, made of steel from electric-arc furnaces (EAFs) and originating from Russia’s Far East province, were heard at $700-705 per tonne cfr Manila and at $695 per tonne cfr elsewhere this week, down from offers at $715 per tonne cfr for similar material last week.
India-origin induction furnace (IF) 3sp billet was heard to be available at $680 per tonne cfr Manila on Monday.

Speculative bids from Chinese buyers for 3sp blast furnace (BF) billet, made while they were on holiday, were...

Published

Lee Allen

September 21, 2021

13:40 GMT

London