Hadeed, Saudi Arabia's largest steel producer and a market leader, has announced its domestic rebar and wire rod offer prices for November production. The supplier has increased its offers, citing improved demand compared to a few months ago, as well as the continuation of numerous major projects.
Accordingly, the company has announced a $13/mt (SAR 50/mt) and $20/mt (SAR 75/mt) increase in its rebar and wire rod prices compared to the previous round of offers. As a result, rebar is now available at $627/mt (SAR 2,350/mt) CPT, while wire rod is offered at $651/mt (SAR 2,440/mt) CPT.
Meanwhile, other large longs producers in the region are not in a rush, but it is anticipated that they will follow Hadeed's pricing policy in the days ahead.
Furthermore, in the import market, Emsteel, the largest longs producer in the UAE, is currently not offering to Saudi Arabia, attributable to the import duty situation.
All prices exclude 15 percent VAT.
$1 = SAR 3.75