Import billet market in Philippines sees bullish moods

摘要

Billet exporters to the Philippines were bullish this week, seeing upward movement in the Chinese rebar futures market. A deal for Russian semis was concluded. A contract for 22,000 t of Russian 5sp 125 mm billets was recently signed at $530/t CFR Manila for March shipment. Meanwhile, prices started to rise this week after dropping for around a month. “The market has witnessed an increase after the Chinese futures market went up [in total by RMB 135/t ($21/t) on Monday and Tuesday] due to uptrend expectations after holidays,” a trader in the Philippines told Metal Expert. “Everything is driven by the news of the moment. The steel mar ket is just one big casino or a TV reality show,” another local trader said.