Billet imports by the Philippines in June rose to 232,723mt, up by 493pc from June 2020 against a low base. Imports surged by 468pc from May. In mid-2020, the world, including the Philippines, grappled to control the spread of the COVID-19 pandemic, with May and June being the worst hit months. Domestic demand for steel in the country was on the mend, which lifted imports.
Imports from Russia in the month surged by 963pc from June last year and 343pc by from May to 105,694mt. Sellers in the country were looking to liquidate inventories in overseas markets before the government announced an export tax on steel products came into effect on Aug 1. The Philippines was one of the preferred destinations for Russian sellers who offered competitive prices, also
giving imports a lift in June.
Indonesia emerged as the second-largest supplier in the month with 49,122mt, a rise of 100pc from May and June 2020. While India exported 40,349mt in June, up by 248pc from the preceding month and 100pc from the prior-year period.
In the Jan-June period, billet imports, however, declined by 8pc from the prior-year period to 1.20mn mt. The post-COVID-19 economic recovery in the Philippines remained slow in the first half of the year, thus impacting overall imports.
|Exporting Country||June 2021||May 2021|