UAE-based Emirates Steel Industries (ESI) has issued its domestic wire rod price for September production, increasing it by $34/mt compared to the previous announcement. However, this increase has failed to attract active trading locally. The main demand support is reportedly coming from the Saudi Arabian market.
Accordingly, new offers for ESI’s wire rod to the domestic market have been announced at $514/mt ex-works. Meanwhile, local producer Qatar Steel is in the market with $520/mt CPT Dubai, for payment by a 60-day letter of credit.
Offers from the UAE to Saudi Arabia were at $550.5/mt (AED 2,020/mt) CPT Dammam/Riyadh, while local prices in Saudi Arabia have been settled at $547/mt (SAR 2,050/mt) CPT, as SteelOrbis reported earlier. Meanwhile, offers from ESI to Oman have been voiced at $530/mt CPT. According to market insiders, all volumes destined for export (about 50,000 mt) have already been sold out.