Wire rod producers in the UAE have recently announced their prices for February output, increased them, following the price increases in the rebar segment.
Local market leader Emirates Steel Industries has announced a $15/mt increase in wire rod offers for the domestic market to $530/mt ex-works, SteelOrbis has learned. Other suppliers have also following the same move. In particular, United Steel Industries has increased its offer by around $10/mt compared to the previous deal prices and is in the market with $535/mt ex-works. Another UAE-based producer Qatar Steel FZE has not yet disclosed its official level, but it is expected to stand at $520/mt ex-works, up $5-10/mt from the prices last month.
The UAE’s offers to Saudi Arabia are expected to be disclosed shortly. In the previous round, ESI sold up to 20,000 mt of wire rod at $550/mt CPT. The latest bids of buyers in the Dammam area were at $530/mt CPT as reported earlier. In the meantime, the most recent deals from Egypt to Saudi Arabia were closed last week at $540/mt CFR Jeddah.