While Saudi Arabia, despite business getting gradually more and more challenging, remains among the most attractive sales outlets in the Gulf Cooperation Council (GCC) region, wire rod import offers to the country have weakened significantly over the past month.
According to sources, UAE-based Emirates Steel Industries has announced $500/mt CPT Dammam for wire rod, while last month the deals were closed at up to $540/mt CPT. Egypt’s Ezz Steel is taking its time to refresh its offer price to Saudi Arabia, with the previous level standing at $540/mt CFR Jeddah with no takers. Turkey may have the potential for wire rod sales to Saudi Arabia since its offers are at $400-410/mt FOB, which may work even with the valid 10 percent duty.
In the meantime local prices in Saudi Arabia have been rolled over for April production at $560/mt (SAR 2,100/mt) CPT for wire rod and SAR 2,400/mt CPT or $640/mt CPT for rebar. Ex-UAE rebar has been offered at AED 1,830/mt CPT Dammam or $498/mt CPT, SteelOrbis has learned.