Hadeed, Saudi Arabia’s largest steel producer and market leader, has issued unchanged domestic rebar and wire rod offer prices for April production, claiming that overall longs demand has remained steady. Market participants, however, report that business activity has slowed due to the ongoing month of Ramadan, but they anticipate that trade will gradually pick up again after the end-of-Ramadan.
“Demand is slowing due to Ramadan, but we anticipate that after Eid demand will rebound,” a Saudi trader told SteelOrbis.
As a result, for April production Hadeed has maintained rebar prices unchanged at $626/mt (SAR 2,350/mt) CPT compared to the previous round of offers. Regarding coils, the price of rebar coils has also remained stable month on month at $653/mt (SAR 2,450/mt) CPT.
Furthermore, the company has decided to keep wire rod prices stable at $653/mt (SAR 2,450/mt) CPT.
Meanwhile, other producers have not announced their prices but are expected to follow a similar price trend in the coming days.
$1 = SAR 3.75
