Wire rod demand moderate in Saudi Arabia

Friday, 18 October 2019 11:04:04 (GMT+3)   |   Istanbul
       

Business activity in the wire rod segment remains moderate in Saudi Arabia with local prices being stable for the second month in a row. Local producer Hadeed is offering wire rod for October-November production at $560/mt (SAR 2,100/mt) CPT, while the same level is expected to be kept for next month as well.

Saudi Arabia’s wire rod buyers are interested in offers coming from the United Arab Emirates (UAE). In particular, Emirates Steel Industries is pricing its wire rod at $520/mt CPT, while the relatively new Emirati producer United Steel Industries is offering its material at $510/mt CPT, SteelOrbis understands.

China’s wire rod is indicatively available at $490-495/mt CFR Dammam, but the offers are not considered workable, taking into account the currently valid 10 percent import duty. However, some demand is expected in the Jeddah area for wire rod from Egypt at $490/mt CFR, as trade with Arab states is not subject to the trade restriction.

$1 = SAR 3.75


Similar articles

US issues preliminary AD review results on wire rod from Mexico

22 Nov | Steel News

MOC: Average steel prices in China down slightly during Nov 11-17

22 Nov | Steel News

US import long steel markets creep higher ahead of expected slow US Thanksgiving holiday week

21 Nov | Longs and Billet

US domestic rebar pricing up slightly while wire rod remains steady on week 

21 Nov | Longs and Billet

Longs prices in Romania increase, some interest in ex-Egypt material

21 Nov | Longs and Billet

Asian wire rod prices edge down further despite rises in Chinese futures prices

21 Nov | Longs and Billet

Southern European longs market stable, shutdowns expected

21 Nov | Longs and Billet

Wire rod consumption in Mexico down 10.9 percent in September

21 Nov | Steel News

Japanese crude steel output up 4.6 percent in October from September

21 Nov | Steel News

Turkish mills cut their longs prices once again, prices seem very close to bottom

20 Nov | Longs and Billet