Although the price of long steel has risen globally owing to optimistic sentiments on scrap and raw material prices, the Saudi Arabian long steel market has moved down since demand did not meet the expected levels. As a consequence, Hadeed, Saudi Arabia's largest steel manufacturer and market leader, has lowered rebar prices and wire rod prices for February production.
According to the announcement, Hadeed has revised rebar offers for February production to $666/mt (SAR 2,500/mt) CPT, a $40/mt (SAR 150/mt) decrease from the previous levels. Similarly, wire rods are offered at $706/mt (SAR 2,650/mt), down $40/mt (SAR 150/mt) from the previous month. In addition, if customers meet the necessary requirements, there will be another $40/mt (SAR 150/mt) discount.
As for other local producers, Al Yamammah and Rajhi Steel have yet to decide on their offers but are anticipated to follow a similar trend in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75