Remaining under strong pressure from weak demand and the continuing downtrend in the global steel market, Saudi Arabia’s largest steel producer and market leader, Hadeed, has been forced to cut its rebar prices once again.
Accordingly, the company's new offers for 12 mm and 14 mm rebar, for July deliveries, are at $760/mt (SAR 2,850/mt) delivered, down $67/mt (SAR 250/mt) from the previous levels, while its 16-40 mm rebar is available at $747/mt (SAR 2,800/mt) delivered, down $93/mt (SAR 200/mt) during the same period. The domestic rebar offers of other Saudi mills are said to be at about the same level, SteelOrbis has learned. “All bad news. Steel prices have failed to gain any support,” a representative of a GCC-based rebar mill stated. “Demand has been weak for the past couple of weeks. Hence, such adjustments were quite expected”, a market source stated.
All prices exclude five percent VAT.
$1 = SAR 3.75