The steel industry has been a vital part of the Philippine economy, contributing significantly to its growth and development. The country has been traditionally known for its exports of steel-related products, which has driven the expansion of the local steel manufacturing sector in recent years.
The steel industry in the Philippines has witnessed a substantial increase in demand for steel products across various applications, such as construction, automotive, and infrastructure development. However, the recent outbreak of the COVID-19 pandemic has disrupted the global supply chain, leading to a shortage of raw materials and production capacity.
The steel sheet price list in the Philippines has been fluctuating due to the global supply chain disruptions caused by the pandemic, and other factors such as trade tensions and currency fluctuation. Steel sheet prices have been rising since the beginning of the year, and the trend is expected to continue in the coming months.
As per the current steel sheet price list in the Philippines, the price of steel coils measuring 0.45mm thick, and 3ft x 8ft in size, ranges from Php 6,700 to Php 8,100. The price of steel coil measuring 0.55mm thick and 3ft x 8ft in size ranges from Php 7,700 to Php 9,100. The price of steel coil measuring 0.60mm thick and 3ft x 8ft in size ranges from Php 8,000 to Php 9,500.
The prices of steel coils are determined by several factors such as steel prices in international markets, demand and supply dynamics, production capacity of steel manufacturers, and currency fluctuations.
The steel industry in the Philippines has been affected by the global supply chain disruptions caused by the pandemic. The closure of steel production facilities in other countries has led to a shortage of raw materials for local steel manufacturers, resulting in a rise in steel prices. Besides, the trade tensions between the US and China have also affected the Philippine steel industry, with the imposition of tariffs on steel products affecting the import of raw materials for local manufacturing.
The Philippine government has been taking measures to support the local steel industry by imposing tariffs on imported steel products and ensuring a level playing field for local manufacturers. The implementation of stricter standards for imported steel products has also led to a rise in demand for locally manufactured steel products.
In conclusion, the steel sheet price list in the Philippines has been fluctuating due to the global supply chain disruptions caused by the pandemic, trade tensions, and currency fluctuations. The rise in steel prices is expected to continue in the coming months, which could impact the construction and manufacturing sectors that rely heavily on steel products. The Philippine government's measures to support the local steel industry will play a vital role in ensuring the growth and sustainability of the steel sector in the country.