According to market sources,
wire rod prices in the local Saudi Arabian market are currently in the range of $515-520/mt delivered, while Chinese offers to the same destination are at $430-435/mt CFR. Market sources state that
wire rod demand in the Saudi market is currently weak, while Saudi buyers prefer the more attractive Chinese offers instead of locally produced
wire rod. Additionally, Saudi
wire rod producers are expected to reduce their prices at the start of the New Year, and hence buyers prefer to wait for the new price levels to be announced before concluding fresh transactions.