Hadeed, Saudi Arabia's largest steel producer and market leader, has announced unchanged domestic rebar and wire rod prices for December production while stating that business activities for long products in the country have remained solid. Despite the current stabilization, overall market expectations for the foreseeable future remain favorable when construction projects are taken into account.
Consequently, over the past month the company has decided to maintain rebar and wire rod prices unchanged at SAR 2,400/mt ($640/m) CPT for December production. Likewise, prices for rebar in coils have also indicated at $666/mt (SAR 2,500/mt) CPT, the same as the last round of offers.
Moreover, the company has continued to offer further discounts to businesses that obtained 100 percent of their monthly quota of long products, with a SAR 50/mt reduction, which culminated in a price of SAR 2,350/mt CPT. If the buyer withdraws more than 100 percent of its monthly quota of long products, the discount for these amounts is a further SAR 50/mt and the price declining to SAR 2,300/mt CPT.
On the other hand, other producers have not disclosed their pricing but are anticipated to follow a similar price trend in the coming days.
$1 = SAR 3.75