Saudi Arabia’s largest steel producer and market leader Hadeed has revised its rebar and wire rod prices for August production upwards amid the gradual recovery of demand. Other suppliers have traditionally followed the same trend. The positive sentiment in steel markets worldwide provides additional support for the local suppliers of longs.
Accordingly, Hadeed has raised its rebar and wire rod offers by $13/mt (SAR 50/mt) compared to last month. As a result, its 12-14 mm rebar is available at $600/mt (SAR 2,250/mt) CPT, while its 16 mm and above rebar is offered at $587/mt (SAR 2,200/mt) CPT. Offers for wire rod have been voiced by Hadeed at $520/mt (SAR 1,950/mt) CPT. Domestic rebar offers of Saudi mills Rajhi Steel and Al Yamammah are currently at $587/mt (SAR 2,200/mt) CPT and $560/mt (SAR 2,100/mt) CPT, respectively, SteelOrbis has learned.
All prices exclude five percent VAT.
$1 = SAR 3.75