The UAE’s Emirates Steel Industries (ESI) has recently announced its domestic wire rod price for July production. The price has been brought closer to a level considered workable in the market, while in comparison to the previous official offers there has been a significant price decrease.
ESI has announced $460/mt ex-works for wire rod for domestic buyers, while in the previous sales round the official offer was at around $470/mt ex-works or $480/mt CPT. However, according to local traders, actual deals in the market were being done at a level closer to the current ex-ESI price. Local producer Qatar Steel is in the market with $465/mt ex-works, relatively stable over the past week. United Steel Company is offering at $485/mt CPT or $475/mt ex-works. The supplier, whose production has been idle for months, has been selling wire rod from stocks and plans to restart production operations by around mid-September, SteelOrbis has learned.
Offers from the UAE to Saudi Arabia are at $472/mt (AED 1,734/mt) CPT Damman, stable compared to the previous round. Egypt’s Ezz Steel is in the market with $490/mt CFR Jeddah in offers for August shipments, up by around $5/mt compared to the latest deals.
$1 = AED 3.67