March production wire rod offers awaited in UAE market

Market sources report that February production mesh quality wire rod prices in the local UAE market can be found in the range of $590-595/mt ex-works, indicating a decline of $5/mt over the past three weeks, while domestic mills continue to offer discounts depending on order volumes. Meanwhile, no new wire rod offers from Turkey have been heard in the UAE market, whereas Chinese wire rod offers to the country stand at $565-570/mt CFR Dubai.
 
Sources tell SteelOrbis that demand in the local market is decent, while UAE wire rod mills are expected to announce their new price levels for March production wire rod. Even though demand is on the good side, March production wire rod prices are expected to decline due to the softening in scrap prices and the downward trend of Chinese wire rod offers.