Retail rebar prices in Saudi Arabia have seen another increase over the past month, influenced by the country’s largest steel producer and key domestic price setter, Hadeed, which has raised its rebar prices, alongside ongoing strong domestic and export demand. While tensions have increased in the GCC region due to the war, market participants report that the Saudi domestic rebar market has so far remained largely unaffected. Demand continues to be solid and prices have maintained their upward trend. Moreover, export activity has remained active, with Saudi suppliers continuing to sell rebar to the UAE over the past months.
Following Hadeed’s increase to $630/mt (SAR 2,362/mt) CPT for March production, marking a $26/mt (SAR 100/mt) rise compared to the previous month, secondary producers have also adjusted their prices upward. Al Ittifaq has raised its March rebar prices to $615/mt (SAR 2,310/mt) CPT, up from $589/mt (SAR 2,210/mt) CPT in February, while Al Yamamah has lifted its rebar prices to $613/mt (SAR 2,300/mt) CPT from $586/mt (SAR 2,200/mt) CPT.
In the retail segment, traders have also increased their March offers, to $580-597/mt (SAR 2,180-2,240/mt) CPT, compared with $557-573/mt (SAR 2,090-2,150/mt) CPT in the previous month.
On the export side, Saudi suppliers have continued to offer rebar to the UAE at around $635/mt (SAR 2,380/mt) CPT, up from $625-630/mt (SAR 2,343-2,362/mt) CPT heard in the previous month. Around 20,000 mt are reported to have been sold in February at $620-625/mt (SAR 2,325-2,343/mt) CPT, while more recently about 15,000 mt were sold for March shipment at $635/mt (SAR 2,380/mt) CPT to the UAE.
$1 = SAR 3.75
