Saudi Arabia’s largest steel producer and a market leader, Hadeed, has continued to follow the global uptrend and has recently raised its domestic rebar and wire rod prices. Along with the sufficient demand coming from end-users, the local longs producers have benefitted from the low stocks of material in the country.
Accordingly, Hadeed has increased its longs offer prices by $53/mt (SAR 200/mt) compared to the previous levels. As a result, its 12-14 mm rebar is available at $707/mt (SAR 2,650/mt) CPT, while its 16-32 mm rebar is offered at $693/mt (SAR2,600/mt) CPT, both for January production. Its wire rod has been voiced at $680/mt (SAR 2,550/mt) CPT, with the exception of 5.5 mm wire rod which is priced at $693/mt (SAR2,600/mt) CPT. Meanwhile, Al Yamammah’s rebar is currently available at $653/mt (SAR 2,450/mt) CPT, SteelOrbis has learned. Offers of rebar produced by the Emirati producer Union Iron and Steel are currently at $668/mt (AED 2,450/mt) CPT, for December shipment.
All prices exclude five percent VAT.
$1 = SAR 3.75