Retail rebar prices in Saudi Arabia have continued to trend upward, following the latest price revision by local mill Hadeed and amid persistently rising costs, particularly on the energy side due to ongoing regional tensions. Despite the upward pressure on prices, market participants report that domestic demand remains stable and at satisfactory levels for the time being, with no immediate signs of weakening. However, continued increases in input costs are limiting price stability, suggesting that the market is likely to remain on an upward trajectory in the near term. Export activity to the UAE remained active throughout March and is expected to continue in the current month. Nevertheless, Emirati buyers are reported to be less receptive to recent price increases, and, although no deals have been concluded so far, negotiations for April deliveries are ongoing.
Within this context, Saudi rebar prices have moved higher for April, led by the latest upward revision from Hadeed, whose official price has reached $656/mt (SAR 2,460/mt) CPT, up by $26/mt (SAR 100/mt) compared to March. The increase has been mainly driven by rising production costs, particularly higher scrap prices, which have climbed by around $100/mt over the same period, from approximately $688/mt (SAR 2,580/mt) CPT to $714/mt (SAR 2,680/mt) CPT. In response, other domestic producers have also revised their prices upward, with Al Ittifaq Steel increasing its April rebar price to $660/mt (SAR 2,480/mt) CPT, up from $615/mt (SAR 2,310/mt) CPT in March, while Al Yamamah Steel Industries has raised its price to $644/mt (SAR 2,415/mt) CPT from $613/mt (SAR 2,300/mt) CPT previously.
Retail prices have followed the same direction, with traders’ offers now reported at $613-640/mt (SAR 2,300-2,400/mt) CPT, compared to $580-597/mt (SAR 2,180-2,240/mt) CPT in the previous month.
Export offers have also moved upward, with Saudi suppliers quoting rebar to the UAE for April shipments at around $730-740/mt (SAR 2,737-2,775/mt) CPT, up from approximately $685/mt (SAR 2,568/mt) CPT in March. Market sources indicate that around 25,000 mt was sold at the earlier level, though current higher prices have made buyers more cautious.
$1 = SAR 3.75
