Even though the rally of raw material and steel prices worldwide is gaining momentum, long steel sellers in the GCC region have remained far more restrained.
Accordingly, Saudi Arabia’s largest steel producer and market leader, Hadeed, has decided not to make any changes to its domestic longs prices for March production. The company’s 16-32 mm rebar price has remained at $747/mt (SAR 2,800/mt) CPT for the third consecutive month, while its 6.5-14 mm wire rod is still available at $773/mt (SAR 2,900/mt) CPT, SteelOrbis has learned. Overall, the relatively low demand due to the approach of Ramadan has exerted pressure on suppliers’ positions in the region. “Stockists are liquidating their inventories because the holy month of Ramadan is approaching and due to weak rebar demand. Moreover, we do not expect any improvement next month,” one regional seller stated.
Meanwhile, other rebar suppliers in the Arabian market, including suppliers from the UAE, have taken their time to evaluate the current situation and are expected to announce prices not earlier than next week.
$1 = SAR 3.75