Domestic wire rod prices have indicated a sizeable drop in the United Arab Emirates (UAE), following the slack demand and overall negative mood in the global steel markets. UAE-based Emirates Steel Industries (ESI) has recently announced its prices for October production at $485/mt ex-works or $495/mt CPT, while the previous level was set at around $520/mt ex-works. Other local suppliers are taking their time to announce new prices for now; however, market players expect them to settle at around $10/mt below the ESI announcement.
The import segment remains inactive, with the indicative offers from China reported at around $495-500/mt CFR, but are not workable if the 10 percent import duty is taken into account, SteelOrbis understands.