Wire rod demand in Saudi Arabia remains moderate. In the meantime, the increase in local wire rod offers announced by domestic producer Hadeed for January production has provided foreign suppliers with the opportunity to increase prices as well.
This week, medium-sized lots of wire rod from Egypt have been sold to Saudi Arabia at $540/mt CFR Jeddah for end-of-February shipments. Last month, the supplier’s offers were at $520/mt CFR, as SteelOrbis reported earlier. In the first half of the month, UAE-based Emirates Steel Industries sold up to 20,000 mt of wire rod to Saudi Arabia at $550/mt CPT, up from $510-520/mt CPT, fixed in the previous round of sales. Another wire rod supplier from the UAE reported there is demand at $530/mt CPT Dammam; however, the level is not acceptable due to high logistics costs, SteelOrbis has learned.
Local Saudi producer Hadeed is currently offering wire rod for January production at $533/mt (SAR 2,000/mt) CPT, having increased its prices by $13/mt (SAR 50/mt) over the past month, as reported earlier.
$1 = SAR 3.75.