Hadeed, the biggest steel producer and market leader in Saudi Arabia, has revealed its long steel prices for February output. According to the company’s statement, rebar prices are stable for the second consecutive month due to the stability of the local market. However, it has decided to cut its wire rod offer prices since the market continues to witness slower demand.
As a result, Hadeed’s 12-32 mm rebar price for February production remains stable at $640/mt (SAR 2,400/mt) CPT from the previous month. Similarly, the price of rebar in coils is stable at $650/mt (SAR 2,440/mt) CPT compared to the previous month.
Meanwhile, the company has decided to decrease its wire rod price to $632/mt (SAR 2,370/mt) CPT, down from $664/mt (SAR 2,490/mt) CPT compared to the previous month.
Other producers, on the other hand, have not disclosed their prices but are anticipated to follow a similar price trend in the coming days.
$1 = SAR 3.75