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