Saudi Arabia's leading steel producer Hadeed has rolled over its official rebar and wire rod prices for August, keeping all announced levels unchanged from the previous month. According to the company, domestic demand has slowed moderately due to the seasonal summer effects but remains acceptable, while sales are continuing at a stable pace. Ongoing construction and infrastructure projects are also progressing well, providing steady support for steel consumption despite somewhat quieter activity in the spot market. However, higher energy and production costs continue to exert pressure on the market, although overall stability is being maintained for the time being.
Hadeed's August price for 12-32 mm rebar stands at $747/mt CPT (SAR 2,800/mt), while 10 mm rebar is quoted at $773/mt CPT (SAR 2,900/mt). The producer's rebar-in-coil prices are at $736/mt CPT (SAR 2,760/mt) for 12-16 mm material and at $757/mt CPT (SAR 2,840/mt) for 8-10 mm material.
In the wire rod segment, Hadeed is offering 7-12 mm material at $760/mt CPT (SAR 2,850/mt), while its 5.5-6.5 mm wire rod price remains at $773/mt CPT (SAR 2,900/mt).
On the raw material side, domestic scrap prices are currently at around $533/mt (SAR 2,000/mt), remaining broadly stable compared to the $507-533/mt (SAR 1,900-2,000/mt) range reported last month. Meanwhile, no billet is currently available in the local market.
Other Saudi producers have yet to announce their August prices, although they are expected to broadly follow Hadeed's pricing strategy and maintain their offers at levels close to the market leader's latest quotations.
All prices exclude 15 percent VAT.
$1 = SAR 3.75
