Saudi Arabia’s largest steel producer and market leader, Hadeed, has announced long steel prices for November output. According to the announcement, the producer, due to improved demand compared to last month, especially in the rebar segment, has decided to increase prices for rebar. Meanwhile, in the rebar coil and wire rod segments, prices remain unchanged amid stable trading activity. On the other hand, similar stability has been observed in the producer’s scrap purchase prices over the past month, which remain unchanged.
As a result, in its latest adjustment, Hadeed has increased its rebar prices for November to $555/mt (SAR 2,080/mt) CPT, up $5/mt (SAR 25/mt) from the previous month. In contrast, rebar in coil prices remain stable at $588/mt (SAR 2,205/mt) CPT, compared to last month.
Wire rod prices have remained unchanged compared to last month, with 6.5-14 mm material remaining at $619/mt (SAR 2,320/mt) and 5-6 mm wire rod still priced at $632/mt (SAR 2,370/mt).
Moreover, Hadeed’s purchase price for HMS I/II 80:20 grade scrap, which had decreased by about $26/mt (SAR 100/mt) last month, has remained stable over the past month at $366/mt (SAR 1,375/mt) CPT.
Meanwhile, Al Yamamah and Al Ittefaq, the other two local producers, have not yet decided on their offers, but it is expected that they will do so in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75
