Emirates Steel Arkan (ESA), the largest steel manufacturer and the market leader in the United Arab Emirates (UAE), has released its wire rod pricing for October production. According to the company's statement, the firm has chosen to maintain prices at current levels as a result of the unsatisfactory levels of demand and trade activity.
“The market outlook has remained bleak because demand is currently at low levels compared to the previous month,” a UAE trader told SteelOrbis.
ESA's domestic market offers for wire rod for October production have remained constant at $640/mt ex-works (AED 2,350/mt). Although the other local wire rod producers in the UAE are anticipated to announce their pricing soon, they typically do so in accordance with ESA's levels.
$1 = AED 3.672