Saudi Arabia is one of the healthiest markets for longs sales within the Gulf Cooperation Council (GCC). Sellers from the UAE, being interested in supplies with good margins, have recently updated their offers.
UAE’s key longs steel producer has recently offered $539/mt CPT Dammam for wire rod, up from $530/mt CPT reported in mid-February. Another producer is currently negotiating to sell at slightly above $530/mt CPT, SteelOrbis has learned. Offers from outside of GCC are also present. Egypt’s Ezz Steel keeps its prices for April shipments stable at $540/mt CFR Jeddah. In addition, Chinese offers for prompt shipments were reported at slightly below $480/mt CFR.
In the local market Hadeed is offering $640/mt (SAR 2,400/mt) CPT for rebar and $560/mt (SAR 2,100/mt) CPT for wire rod, having increased them this week by $27/mt (SAR 100/mt) and $13/t (SAR 50/mt) recently, as SteelOrbis reported earlier.
$1 = SAR 3.75 (February 28)