SteelOrbis has been informed by market sources that wire rod offers from the UAE to Saudi Arabia are standing at $580-590/mt CFR.
Market sources think that, with the commissioning of local steel producer Hadeed Steel's new wire rod plant with an annual production capacity of 500,000 mt, local traders may focus their inventory replenishment activity on this new plant, thus reducing demand for wire rod imports.
In addition, the arrival is awaited of a large volume ex-China wire rod cargo, for which the transaction had been concluded at $560/mt CFR previously. Accordingly, traders in the UAE are not so interested in importing new material for the time being.