Low domestic demand in Saudi Arabia due to the approach of Ramadan has in particular forced the local largest steel producer and market leader, Hadeed, to adopt appropriate measures in order to generate orders.
Accordingly, the company has announced its domestic offers for 16-32 mm rebar for April production at $706/mt (SAR 2,650/mt) CPT, decreasing them by $40/mt (SAR 150/mt) compared to the previous month. Moreover, according to market sources, the supplier is ready to provide some additional sizeable discounts in the case of big orders. Meanwhile, other local rebar producers in the Arabian market are anticipated to follow the same pattern, announcing lower prices in the coming days.
$1 = SAR 3.75