Saudi Arabia's largest steel manufacturer and market leader, Hadeed, has lowered its long steel prices since trade remains sluggish and government projects are taking longer to reach the consumption phase. Furthermore, Hadeed has decided to reevaluate its approach to discounts, removing all discounts for the time being.
As a result, the company's rebar offers for January production have fallen by $20/mt (SAR 75/mt) to $620/mt (SAR 2,325/mt) CPT, down from $640/mt (SAR 2,400/mt) CPT last month. Furthermore, its prices for rebar in coils are at $640/mt (SAR 2,400/mt) CPT, down around $26/mt (SAR 100/mt) from the previous month.
In a similar manner, the company has chosen to lower wire rod offer prices month on month to $626/mt (SAR 2,350/mt) CPT from $640/mt (SAR 2,400/mt) CPT before.
Meanwhile, Al Yamamah and Rajhi Steel, the other two local producers, have not decided on their offers yet, but it is expected that they will do so in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75