Local steel wire rod prices have finally gone down in Saudi Arabia after a couple of months of stability. Country’s key steel producer and currently sole domestic wire rod supplier Hadeed has slashed its prices by SAR 150/mt over the month to SAR 1,950/mt CPT. As a result, the levels decreased by $40/mt to $520/mt CPT.
According to the market sources, the producer might have targeted to protect its positions from the incoming wire rod volumes. In particular, as of last week, the wire rod from the United Arab Emirates (UAE) was standing at $510-520/mt CPT depending on the seller. China’s material was available at $490-495/mt CFR Dammam, the lower end of the range was also offered by Ezz Steel to the Jeddah area, as SteelOrbis reported earlier.
In the meantime Hadeed’s official rebar price has remained unchanged for now at $560/mt SAR (2,100/mt) CPT.
$1 = SAR 3.75