Saudi Arabia’s Hadeed raises longs prices amid improved trade

Friday, 26 January 2024 15:00:49 (GMT+3)   |   Istanbul
       

Saudi Arabia’s largest steel producer and market leader Hadeed has announced its domestic rebar and wire rod offer prices for February production. Since positive improvements have been seen in demand, the supplier, which had seen slow business activity in the preceding months, has decided to raise its prices. Additionally, the company stated that it does not intend to offer discounts.

As a consequence, the company’s 12-32 mm rebar offers for February production have risen by $6.66/mt (SAR 25/mt) to $626/mt (SAR 2,350/mt) CPT compared to last month. Moreover, prices for rebar in coils have been increased by around $13/mt (SAR 50/mt) from the previous month to $653/mt (SAR 2,450/mt) CPT.

The company has raised its wire rod prices from $626/mt (SAR 2,350/mt) CPT to $653/mt (SAR 2,450/mt) CPT.

Although Al Yamamah and Rajhi Steel, the other two local producers, have not yet made a decision on their offers, it is anticipated that they will do so in the coming days.

All prices exclude 15 percent VAT.

$1 = SAR 3.75


Similar articles

Local Chinese longs prices decline, but expectations rather positive

04 Nov | Longs and Billet

MOC: Average steel prices in China see slight decreases during Oct 21-27

01 Nov | Steel News

US domestic long steel prices flat, wire rod maintains premium with Liberty status still murky

31 Oct | Longs and Billet

US import long steel prices flat amid reports of increased mill discounting, Liberty plant status unclear

31 Oct | Longs and Billet

Romanian longs prices stable as mood locally remains unchanged

31 Oct | Longs and Billet

Turkish rebar mills still struggling to export, local sales also weaken

31 Oct | Longs and Billet

Southern European longs market faces slow activity, difficulties in hiking prices

31 Oct | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price once again 

31 Oct | Longs and Billet

Iskenderun-based Turkish mill raises its rebar price further

30 Oct | Longs and Billet

EU’s organic coated sheet and wire rod import quotas for Turkey almost used up

30 Oct | Steel News