The largest steel manufacturer and market leader in the United Arab Emirates (UAE), Emirates Steel Arkan (ESA), has announced its wire rod price for June production. The company has chosen to cut its offer prices even further, mostly in response to the ongoing weakness of demand.
Over the past month, prices for wire rods from ESA in the domestic market have fallen by $20/mt to $640/mt ex-works for June production. Similarly, another local wire rod producer Qatar Steel FZE has set its wire rod prices in line with ESA’s prices.
Meanwhile, according to local sources, even while prices have been cut as a result of the ongoing slow business activity, sellers who want to attract customers and close deals are making offers that are far less than the actual price heard in the market, which is about $585/mt CPT.