Hadeed, Saudi Arabia's largest steel producer and market leader, has announced lower rebar prices and wire rod prices for October production, amid pressure from weak demand and uncertainty regarding the realization of government projects, cutting its rebar offers to $613/mt (SAR 2,300/mt) CPT and its wire rod offers to $630/mt (SAR 2,365/mt), both down $26/mt (SAR 70/mt) from the previous month.
As for other local producers, Al Yamamah and Rajhi Steel have yet to announce their offers but are anticipated to follow a similar trend in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75