On May 29, Saudi Arabia’s leading steel producer Hadeed announced further price reductions for long steel products for June production. According to market players, the latest adjustment is driven by persistent debt collection issues, which have been impacting both the rebar and wire rod segments. While these financial strains have contributed to a noticeable slowdown in rebar demand, the wire rod segment has shown relatively stronger trading activity. Despite the softening in prices, market players report that ongoing construction projects and short-term forecasts remain supportive, anticipating a potentially optimistic outlook in the near term.
According to the announcement, Hadeed has reduced rebar offers for June to $600/mt (SAR 2,230/mt) CPT, down $13/mt (SAR 50/mt) from the previous levels.
Meanwhile, in comparison to the previous month, the price of rebar in coils has remained stable at $626/mt (SAR 2,350/mt) CPT.
On the other hand, similar to the rebar segment, prices in wire rod have dropped, falling to $624/mt (SAR 2,340/mt) for 5.5-6 mm and $627/mt (SAR 2,350/mt) for 6.5-14 mm, down from $634/mt (SAR 2,380/mt) earlier.
All prices exclude 15 percent VAT.
$1 = SAR 3.75