Saudi Arabian steel producer Saudi Iron & Steel Company (Hadeed) has recently dropped its domestic wire rod price by SAR 150/mt to SAR 2,100/mt CPT for September production. Currently, the product is available at $560/mt CPT, down $40/mt compared to the previous offer level.
The producer’s official rebar price for the local market remains unchanged for now at $600/mt (SAR 2,250/mt) CPT. The workable market level is estimated at $573-583/mt (SAR 2,150-2,185/mt) CPT, SteelOrbis has learned. Buyers expect domestic rebar offers to decrease in September. Mills, however, for now intend to keep their positions stable, hoping for a seasonal revival of demand.
$1 = SAR 3.75