Local wire rod prices in the United Arab Emirates (UAE) have increased, following the upward price adjustment by local producer Emirates Steel Industries (ESI). The producer’s official price was announced at $480/mt ex-works, with deals reported at levels $5-10/mt lower than this. Other suppliers in the local market have been quoting $465/mt CPT, SteelOrbis understands. Aside from local sales, the UAE has been active in exports. According to market sources, ESI has been selling wire rod to the Far East at $460-465/mt FOB or $485-490/mt CFR within the past 10 days.
In Saudi Arabia, the domestic wire rod price is set at $520/mt (SAR 1,950/mt) CPT. Some distributors report that $507/mt (SAR 1,900/mt) CPT is also available, taking into account some rebate given to customers. Local players expect domestic producer Hadeed to increase its local wire rod price for the next month as there is some significant shortage currently seen in the market. “This situation is attributed more to some cargoes not being delivered to buyers, rather than to some considerable increase in demand,” a local producer said. In the import segment, offers from the UAE to Saudi Arabia have been reported at $504/mt (AED 1,850/mt) CPT, up by around $10/mt (AED 30/mt) over past the month.
