Buoyed by relatively lively trading in the region and supported by rising input costs, suppliers of wire rod in the Gulf Cooperation Council (GCC) countries have not missed their chance to increase their prices.
Accordingly, the main producer in the UAE longs market, Emirates Steel Industries (ESI), has as expected raised its wire rod offer prices to its domestic market to $575/mt ex-works, increasing them by about $35/mt compared to the previous round of sales. While Qatar Steel is in the market with offers for December-January production at the same abovementioned level, another UAE-based supplier, United Steel Company, has already started to test the domestic market with offers at $580-590/mt ex-works, after a successful sale at $580/mt CPT last week. Meanwhile, offers to the Saudi Arabian market have been voiced at $615/mt CPT Dammam.
Concurrently, the main Saudi Arabian mill Hadeed has announced its domestic wire rod prices at $627/mt (SAR 2,350/mt) CPT, increasing them by $40/mt (SAR 150/mt). Meanwhile, its wire rod offers to Emirati customers have reportedly been voiced at $605/mt CPT, for shipment in December.
Egyptian producer Ezz Steel is foreseen to announce its offers to Saudi Arabia within the next week, while the last orders to this destination were closed at $630/mt CFR, for delivery in January.