With the support of positive sentiment in the wire rod segment in Saudi Arabia and following the announcement of prices by local producer Hadeed last week, import wire offers for Saudi Arabia have also increased.
As anticipated, on Sunday, October 25, UAE-based longs producer Emirates Steel Industries (ESI) announced offers for wire rod, for end of November shipment, to Saudi Arabia. According to a company official, ESI’s wire rod is available at $585/mt CPT, though market insiders report prices about $20/mt lower. “Wire rod prices are on a high worldwide. It seems there is a shortage of supply,” the official commented.
Meanwhile, another UAE-based supplier, United Steel Company, has entered the Arabian market with offers for December production. Accordingly, its wire rod is available at $560/mt CPT, versus $550/mt CPT fixed in orders for November production. “There are a lot of inquiries for November, but we are fully booked,” a company representative commented.
Egyptian producer Ezz Steel is also said to be fully booked, until the end of December. Lately, the company sold about 30,000 mt of wire rod at $537/mt CFR Jeddah.
As SteelOrbis has reported previously, Saudi producer Hadeed announced its domestic wire rod prices at $587/mt (SAR 2,200/mt) CPT, up $50/mt ($13/mt) compared to the previous month.