Saudi Arabia is observing a significant shortage of 8-10mm cold-drawn wire rod amid high demand by fabricators, which has pushed up the benchmark mill's product prices by SAR 50-100/tonne ($13.3-26.6).
Wholesale prices are now at SAR 2,350/t ($626) and retail at SAR 2,400/t ($640). The benchmark mill's wire rod supply has recently been slow, and the distribution of wire rod ordered in August under the project-two discount scheme has yet to start, Kallanish…
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