Emsteel, the largest local steel producer and a leading market player in the United Arab Emirates (UAE), has released its domestic wire rod prices for November. Although the company traditionally avoids formal public announcements and instead communicates offers directly to customers, market sources report that this month’s heightened price competition has led to some offers circulating more visibly in the market. Market participants highlight that strong competitive pressure from Chinese suppliers has been a major factor influencing sentiment. In recent weeks, Chinese mills have actively targeted the GCC market with aggressive pricing, prompting buyers to adopt a more cautious stance, and increasing overall price sensitivity in the UAE. Against this backdrop, Emsteel has opted to roll over its wire rod prices for November, maintaining stability despite the challenging competitive environment.
For now, Emsteel’s wire rod offers for November production remain unchanged, standing at $570-575/mt CPT (AED 2,093-2,111/mt), consistent with last month’s levels. Even so, expectations within the market suggest that prices may move upward in the coming months, driven by anticipated regional demand improvements.
Meanwhile, sources indicate that Chinese suppliers are offering wire rod at considerably lower levels, with prices heard at around $510-520/mt CFR UAE for December shipment.