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Wire rod prices in the GCC remain firm amid high production costs, tight regional availability and elevated freight costs, despite relatively moderate trading activity.
In Saudi Arabia, Hadeed has raised its September wire rod prices by SAR 100-125 (USD 27-33) per ton as compared to last month. The producer is offering 7-12 mm wire rod at SAR 2,950 (USD 787) per ton CPT Riyadh, while 5.5-6.5 mm wire rod is offered at SAR 3,025 (USD 807) per ton.
In the UAE, the main Emirati supplier has maintained offers at around USD 765-775 per ton CPT UAE. Wire rod was also offered by traders in the UAE at around AED 2,700 (USD 735) per ton. Market chatter suggests the material could be of Iranian origin, although this could not be confirmed.
Chinese wire rod offers to the GCC are currently heard at around USD 645 per ton CFR for 6.5 mm and USD 660 per ton CFR for 5.5 mm, with some Chinese steel traders suggesting that freight to the GCC remains near or above USD 100 per ton.
1 USD / 3.75 SAR / 3.67 AED