Emirates Steel Industries (ESI), the key UAE-based producer, has recently announced its offers of wire rod to Saudi Arabian customers.
Accordingly, with the support of the positive sentiment in the wire rod segment in Saudi Arabia and following the recent significant rise in prices of wire rod by local Saudi producer Hadeed, ESI has increased its offers by $35/mt compared to the previous round of sales to $620/mt CPT. During negotiations, buyers may be able to get $10 discounts, sources report. Meanwhile, offers of wire rod produced by another UAE-based supplier, United Steel Company, have been voiced at $615/mt CPT Dammam.
Hadeed’s wire rod is available at $627/mt (SAR 2,350/mt) CPT, as SteelOrbis reported earlier.