According to market sources, prices in the local Saudi Arabia wire rod market are at SAR 1,825/mt ($487/mt) ex-works. Meanwhile, Chinese chrome-added mesh quality wire rod offers to the country are at SAR 1,470/mt ($392/mt) CFR, while Chinese high carbon wire rod offers to the same destination are at SAR 1,600/mt ($427/mt) CFR. Also, ex-UAE wire rod offers to Saudi Arabia are at SAR 1,800/mt ($480/mt) CFR. Market sources state that demand for both domestic and imported wire rod is quite weak in the Saudi Arabian market due to Ramadan. Market sources state that demand may decline further in the coming days amid hotter weather conditions.
$1 = SAR 3.75