Saudi Arabia’s longs market has continued to move upward this week, with local producer Hadeed announcing another increase despite having already revised its May offers earlier this month. However, unlike the sharp consecutive hikes seen throughout April, the latest adjustment has remained relatively limited at SAR 30/mt. Market sources indicate that demand in the kingdom is still considered to be healthy overall, though buying activity has started to move at a relatively slower pace following the recent increases. Meanwhile, local billet and scrap prices have shown no significant movement, while most other domestic producers and retail sellers have largely maintained their previous offers unchanged so far.
Under the latest revision, Hadeed has increased both rebar and wire rod prices by SAR 30/mt. Rebar prices have risen to $781/mt (SAR 2,930/mt) CPT, while wire rod and coil prices have reached $778/mt (SAR 2,920/mt) CPT.
At the same time, billet prices in Saudi Arabia have remained stable at around $560/mt (SAR 2,100/mt), while scrap prices have also shown no significant movement, staying close to $427/mt (SAR 1,600/mt).
All prices exclude 15 percent VAT.
$1 = SAR 3.75
