Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Import of iron and steel to the Philippines dropped by 31.7pc to $361.60mn in October compared to prior year, revealed a data released Tuesday by the Philippines Statistics Authorities. 

Despite strong domestic demand for steel driven by infrastructure projects, the Filipino government cut imports to reduce the country’s trade deficit. Philippines is a major importer of steel. China, Russia and Japan are the top exporters to Philippines. In 2018, China accounted for 47pc of Philippines’ imports at 4.3mn mt. 

In 2018, Philippines imported 9.1mn mt steel, while in 2017, the volume was 11pc lower at 8.1mn mt. The average steel imports for a decade, till 2015, was maintained at 1.9mn mt. In 2016, there was a dramatic rise in imports at 8mn mt, up by 152pc. The imports grew by 11pc to reach 9mn mt in 2018.

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