Hadeed, Saudi Arabia’s largest steel producer and a market leader, has released its domestic rebar and wire rod offer prices for November production. Since the market and demand have begun to develop more favorably compared to a few months ago, the producer has decided to increase its offer prices.
As a result, the company has raised its rebar and wire rod prices by $13/mt (SAR 50/mt) to $640/mt (SAR 2,400/mt) CPT, with an additional $26/mt (SAR 100/mt) for rebar in coil prices, bringing the total price to roughly $666/mt (SAR 2,500/mt) CPT.
In addition, Hadeed has continued to give a SAR 50/mt discount to firms who buy 100 percent of their monthly quota of long products, resulting in a price of SAR 2,350/mt CPT. If a company orders more than 100 percent of its monthly quota of long products, there is a further discount of SAR 50/mt to SAR 2,300/mt CPT.
Meanwhile, Al Yamamah and Rajhi Steel, the other two local producers, have not decided on their offer prices yet, but it is expected that they will do so in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75