A fresh upward revision has been announced in Saudi Arabia’s longs market, as the country’s largest steel producer and market leader, Hadeed, has raised its April prices for a second time within a short period, reflecting continued cost escalation driven by higher scrap and energy prices amid ongoing regional tensions. The latest increase had already been largely anticipated by market participants, as expectations for further adjustments had been building, with some secondary mills testing higher offer levels even above Hadeed’s previously announced prices.
With the new revision, Hadeed’s rebar price has reached $683/mt (SAR 2,560/mt) CPT, up by a further SAR 100/mt compared to its earlier April level of $656/mt (SAR 2,460/mt) CPT. In parallel, its wire rod price has also increased by the same margin, to $664/mt (SAR 2,490/mt) CPT, up from $637/mt (SAR 2,390/mt) CPT previously.
Among domestic producers, Al Ittifaq Steel is currently maintaining its price level at $660/mt (SAR 2,480/mt) CPT, following its earlier increase, though further upward adjustments are expected in the coming days. In contrast, Al Yamamah Steel Industries is expected to implement an additional increase of around SAR 100/mt on top of its initial April price of $644/mt (SAR 2,415/mt) CPT, bringing its price to $670/mt (SAR 2,515/mt) CPT.
In the retail segment, prices have so far remained stable, with traders’ offers still reported at around $613-640/mt (SAR 2,300-2,400/mt) CPT. However, given the ongoing volatility in upstream costs and producers’ pricing, market participants indicate that retail prices may face upward pressure in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75
