A firm buying spree in Saudi Arabia has given further certainty to regional producers, including local Saudi producer Hadeed. The company has recently announced a SAR 50/mt ($13/mt) increase in its domestic wire rod prices compared to last month to $587/mt (SAR 2,200/mt) CPT, respectively.
While UAE-based ESI’s wire rod offers to Saudi Arabia are expected to be announced next week, SteelOrbis has been informed of sales of wire rod produced by another UAE-based supplier, United Steel Company, totaling 7,000 mt at $550/mt CPT.
Lately, wire rod from Egypt was available at $537/mt CFR Jeddah, with Arabian customers having booked overall about 30,000 mt of Egyptian wire rod during past weeks.
“High demand for wire rod in Saudi Arabia has created a huge stir and, concurrently, some supply shortage. For instance, we are already sold out for November material”, a regional supplier commented.