Hadeed, a key steel producer in Saudi Arabia, has announced another hike in its local rebar and wire rod offers, supported by sufficient demand in the local market and mainly low stocks.
In the rebar segment, Hadeed has increased its domestic price by SAR 100/mt to SAR 2,400/mt CPT or up $27/mt over the past month to $640/mt CPT, SteelOrbis has learned. Some sources noted that the upward step was a bit of a surprise for the market as mainly a price stabilization was expected. “The demand is still good and stocks are low on the mills’ side, but the offers have been high already,” a source told SteelOrbis. In addition, market players say that the trade is specifically active in the segment of small rebar diameters.
Wire rod prices from Hadeed have settled at $560/mt (SAR 2,100/mt) CPT, up by $13/mt (SAR 50/mt) over the past month. Import offers from Egypt’s Ezz Steel remain stable at $540/mt CFR Jeddah for now, SteelOrbis has learned.
$1 = SAR 3.75