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23 May

Philippines billet market slides further

The billet import market continues to spiral downwards in the Philippines. There are no signs of any price support so far, Kallanish understands. Offers for 5sp billet for July shipment fell to $515/tonne cfr Manila on Tuesday. Traders are shorting the market, importing and trading sources in Manila say. These are offers for open or unspecified origins for billet from ASEAN or China. Market participants are speculating that prices may well soon reach $500/t cfr. …
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