Saudi Arabia’s largest steel producer and market leader, Hadeed, has announced a reduction in its rebar prices for October output while keeping wire rod prices unchanged. The decision comes as demand in the market remains steady but somewhat slow. However, industry sources say this is likely to change soon, as several large construction and infrastructure projects are expected to boost activity in the near future. The price cut is seen as a move to stay competitive and support sales, while the stable wire rod price shows that supply and demand in that segment are currently balanced. Overall, the outlook for the market remains positive.
In its latest adjustment, Hadeed has lowered its rebar prices for October to $548/mt (SAR 2,055/mt) CPT, down $20/mt (SAR 75/mt) from the previous month.
In addition, rebar in coils is now priced at $588/mt (SAR 2,205/mt) CPT, a $20/mt (SAR 75/mt) decrease compared to September.
Meanwhile, wire rod prices have remained stable compared to last month. According to reports, the price for 6.5-14 mm material remains at $619/mt (SAR 2,320/mt) and 5-6 mm wire rod is still priced at $632/mt (SAR 2,370/mt).
All prices exclude 15 percent VAT.
$1 = SAR 3.75
