Following the significant rise in local rebar and wire rod prices in Saudi Arabia introduced early this week, import offers have also increased.
As SteelOrbis reported earlier, domestic producer Hadeed increased its local rebar and wire rod prices by $26-27/mt (SAR 100/mt) month on month to $613/mt (SAR 2,300/mt) CPT for rebar. Domestic retail prices have been reported at $654-668/mt (SAR 2,400-2,450/mt) CPT for Hadeed’s material and at $640/mt (SAR 2,350/mt) CPT for Rajhi Steel products. According to local sources, demand has been at medium levels, while distributors’ stocks have increased slightly compared to the previous months. “Sabic is still not using all of its capacity and there is still some size availability limitation from their side. Therefore, the demand and supply is somehow balanced right now,” a local producer told SteelOrbis.
UAE’s Emirates Steel Industries (ESI) is in the market with $550/mt (AED 2,020/mt), while Union Iron and Steel is at $540/mt (AED 1,980/mt), both CPT Dammam/Riyadh. In the previous round of sales, deals were closed at $510-520/mt (AED 1,870-1,910/mt) CPT. Some negotiations are underway at the newly offered levels.
In the wire rod segment, the local price in Saudi Arabia is at $547/mt (SAR 2,050/mt) CPT. Offers from the UAE have been settled at $550/mt (AED 2,020/mt) CPT Dammam/Riyadh. In the southern area, offers from Egypt’s Ezz Steel are at $520/mt CFR, with limited lots traded at $517/mt CFR Jeddah, as SteelOrbis reported earlier.
Prices exclude 15 percent VAT.
$1 = SAR 3.75
$1 = AED 3.67