Saudi Arabia’s largest steel producer and a market leader Hadeed has decided to keep its domestic rebar and wire rod prices stable for July production, SteelOrbis has learned. Its rebar is still available at $587/mt (SAR 2,200/mt) CPT and the wire rod is priced at $507/mt (SAR 1,900/mt) CPT.
The demand for long steel in Saudi Arabia is expected to remain limited in July as end-user consumption has been recovering slowly and weather conditions are not suitable for active construction. Market sources say the lively demand from traders seen within the past couple of weeks has been a result of restocking before the implementation of the increase in VAT from five percent to 15 percent which is expected as of today, July 1. “Now again the regular market forces are to affect sales. All have stocks. Let’s see how business goes,” a trader told SteelOrbis.
$1 = SAR 3.75