Saudi Arabia’s largest steel producer and market leader, Hadeed, has announced its long steel prices for February production, confirming a further increase and extending the upward trend observed in recent months. According to the company’s statement, the latest adjustment reflects the continued strength in the domestic long steel market, where demand has remained supportive and pricing momentum has been sustained. As the country’s main price setter, Hadeed’s February pricing is expected to continue shaping overall market sentiments.
As a result, Hadeed has increased its rebar price to $603/mt (SAR 2,260/mt) CPT, marking a $19/mt (SAR 70/mt) rise for February production compared with the previous month.
Meanwhile, other major domestic producers, including Al Yamamah and Al Ittefaq, have so far kept their rebar prices broadly unchanged at $568-572/mt (SAR 2,130-2,145/mt) CPT, in line with January levels. However, market sources expect these mills to adjust their offers upward in the coming days, in line with Hadeed’s pricing direction, given its dominant role in the domestic market.
In the retail segment, traders are still in the process of repositioning their prices following Hadeed’s announcement. According to sources, retail rebar prices have already started to edge higher and are currently being heard at around $543-555/mt (SAR 2,040-2,080/mt) CPT.
The wire rod segment has followed a similar trend. With Hadeed’s latest announcement, wire rod prices have been increased to $610/mt (SAR 2,290/mt) CPT, up from $605/mt (SAR 2,270/mt) CPT in the previous month.
All prices exclude 15 percent VAT.
$1 = SAR 3.75
