Saudi Arabia's largest steel manufacturer and market leader Hadeed has decided to maintain its long steel pricing for October production. According to market reports, trade for long products in the country has remained stable, though overall expectations for the foreseeable future continue to be positive given ongoing construction projects.
As a result, for October production Hadeed has maintained rebar and wire rod prices unchanged at SAR 2,350/mt ($626/m) CPT.
Similarly, Hadeed has continued to offer further discounts to businesses that have met 50 percent of the contractual volume of wire rods, with a reduction of SAR 150/mt, resulting in a price of SAR 2,200/mt CPT. On the other hand, for other long products, the discounts will be SAR 100/mt and SAR 200/mt for businesses meeting 50 percent and 100 percent of the contractual quantities, respectively.
Meanwhile, other producers have not disclosed their pricing, but are anticipated to follow a similar price trend in the coming days.
$1 = SAR 3.75