Emirates Steel Industries (ESI), the flagship producer in the UAE longs market, has announced its wire rod price for November production earlier than expected.
Accordingly, new offers for ESI’s wire rod to the domestic market and foreign destinations have been announced at $540/mt, ex-works and FOB respectively. However, earlier the company had said it would open its order book for November wire rod not earlier than next week. The company is said to be maintaining a strong focus on exports, citing “high demand in the Far East and, in particular, in Saudi Arabia”. Offers for the Arabian market are expected to be announced next week.
As SteelOrbis reported previously, within at least the two last weeks ESI was not active in trading wire rod, having sold out most of its October volumes in the first half of September, at $514/mt ex-works.
In the meantime, another UAE supplier United Steel Company based in Fujairah is in the market with offers of wire rod for end-of-October production to the domestic market at $535/mt CPT and to Saudia Arabia at $560/mt CPT.