SteelOrbis has heard from market sources that this week's wire rod prices in the local UAE market are standing at $590-600/mt delivered. Meanwhile, Chinese wire rod offers to the country are at $525/mt CFR. Market players indicate that demand in the domestic market has remained limited, while demand for Chinese materials is on the strong side as UAE buyers have found these offers to be quite attractive.
On the other hand, local producer Emirates Steel Industry (ESI) is expected to announce its new price levels for the domestic market, and so buyers are waiting to see the new quotations before concluding new bookings.