China steel shipment under-valued, must be seized – PISI

THE Philippine Iron and Steel Institute (PISI) has called the attention of the Bureau of Customs (BOC) to what it says is the apparent undervalued freight costs of a shipment of 20,000 metric tons of reinforcing steel bars (rebars) from China.

The shipment arrived at the Port of Subic on November 2. The consignee, Mannage Resources Trading Corp. (MRTC), declared in its import documents freight and insurance costs totaling P1.9 million or less than $2 per ton in freight and insurance costs, PISI said.