Saudi Arabia’s Hadeed cuts rebar price by SAR 150/mt

Wednesday, 25 September 2019 15:09:44 (GMT+3)   |   Istanbul

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

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