Emirates Steel Arkan (ESA), the largest local steel producer and market leader in the United Arab Emirates (UAE), has announced its domestic wire rod prices for February production. The company has chosen to raise wire rod prices in response to greater local business activity.
According to the company’s statement, its wire rod prices have risen by $20/mt from the previous month to $660/mt ex-works (AED 2,424/mt).
While other local wire rod producers in the UAE such as Qatar Steel FZE and United Steel Company have not yet announced their offers, they are expected to follow the same trend as ESA in the coming days.
$1 = AED 3.672