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