As trade activity in the wire rod market in the UAE has been gradually slowing down, partly as a result of restrictions taken against the spread of the Covid-19 virus, deal prices have fallen as well.
According to sources, the level of offers from UAE-based Emirates Steel Industries (ESI) are at up to $490/mt (AED 1,838/mt) CPT, while some lower levels have been fixed in real deals. In particular, the buyers have been reporting that it is possible to get $478-483/mt (AED 1,793-1,811/mt) CPT from the producer in the case of serious orders. Official price levels from local Qatar Steel FZE are at $480-485/mt CPT, though minor discounts are considered possible. The country’s third wire rod producer United Steel Industries has been selling wire rod from stock at $483-485/mt (AED 1,775-1,780/mt) CPT, SteelOrbis has learned. It is worth mentioning that the general range of wire rod prices was at $500-515/mt CPT last month.
In the export segment, ESI has $500/mt CPT Dammam for wire rod, while last month deals were closed at up to $540/mt CPT.
$1 = AED 3.67