Saudi Arabia's largest steel manufacturer and market leader Hadeed has decided to maintain its long steel pricing for August production. According to market reports, business activities for long products in the country have remained slow but overall the sales dynamics have been moderate. In addition, this time the company has announced that they will utilize a different approach to providing discounts.
As a result, for August production Hadeed has maintained rebar and wire rod prices unchanged at SAR 2,350/mt ($626/mt) CPT compared to the previous round of offers.
However, according to the notice, the price for rebar in diameters of 12 mm, 14 mm, and 16 mm will all be the same at SAR 2,350/mt ($626/mt) CPT, with no further discounts provided.
Meanwhile, the companies who acquire a certain amount of their monthly quota will be awarded discounts just for the upper size diameters. In accordance with this, the price for firms purchasing at 30 percent of their monthly quota will be SAR 2,350/mt ($626/mt) CPT, for 70 percent will be SAR 2,250/mt ($600/mt) CPT, and for 100 percent will be SAR 2,140/mt ($570/mt) CPT.
Furthermore, other producers have not announced their prices but are expected to follow a similar price trend in the coming days.
$1 = SAR 3.75