On January 14, Emirates Steel Industries (ESI), the flagship producer in the UAE longs market, announced its wire rod price for February production. Afterwards, other local producers followed suit as usual, revising their valid offers.
Accordingly, new offers for ESI’s wire rod have been announced at $752/mt, CPT Abu Dhabi. In the meantime, another UAE-based supplier United Steel Company based in Fujairah raised its offers to $740/mt ex-works, following the most recent bookings at $710/mt ex-works. Meanwhile, Qatar Steel has preferred to take some time before announcing new prices, having been selling previously at $725-730/mt CPT. Ex-Iran wire rod offers to the UAE have been voiced at $730-740/mt CFR, SteelOrbis has reported.
Generally, the wire rod market in the GCC region remains strong, largely supported by relatively solid demand and high costs for feedstock. In particular, local wire rod prices in the UAE for February have increased by about $60/mt compared to January.