Despite weaker domestic demand as a result of the Covid-19 outbreak, Saudi Arabia’s largest longs producer Hadeed has decided to keep its local rebar and wire rod prices unchanged over the month.
In the rebar segment, Hadeed is offering April production at SAR 2,400/mt CPT or $640/mt CPT, SteelOrbis has learned. The producer's wire rod prices have settled at $560/mt (SAR 2,100/mt) CPT, same as a month ago. However, local market players expect the prices for May production in Saudi Arabia will weaken, partly as the demand is unlikely to fully recover by then. In addition, the business activity will be additionally slowed down by Ramadan period.
$1 = SAR 3.75