Key Saudi Arabian steel producer Hadeed has announced a SAR 150/mt decrease in its local rebar price, which had been kept stable over the past couple of months. Currently, the producer’s rebar is available locally at SAR 2,100/mt CPT or at $560/mt CPT, down by $40/mt, SteelOrbis has learned. “Their move is in line with the market expectation as rebar demand in the GCC is nowadays low,” a source said.
The new Hadeed price will become effective from October 1. Other producers in Saudi Arabia, according to the sources, are voicing price ideas within $546-552/mt (SAR 2,050-2,070/mt) CPT.
$1 = SAR 3.75