Hadeed, Saudi Arabia's largest steel producer and market leader, has announced unchanged domestic rebar and wire rod prices for January production. According to the announcement, since the country's long steel product trade has remained solid, prices have stabilized, but the future outlook remains favorable given the existing and forthcoming construction projects.
Consequently, over the past month, the company has decided to maintain its rebar price unchanged at SAR 2,400/mt ($640/m) CPT for January production. Likewise, its wire rod price has remained stable at SAR 2,490/mt ($664/mt) CPT.
Meanwhile, other large longs producers in the region are not in a rush to issue new prices, but it is anticipated that they will adopt Hadeed's pricing policy in the days ahead.
All prices exclude 15 percent VAT.
$1 = SAR 3.75