Fuelled by the emergence of positive prospects towards developments in the local steel industry, Hadeed, Saudi Arabia's largest steel manufacturer and market leader, has raised prices for rebar of certain sizes and also for wire rod. Following the revision, the company's rebar is offered at the same price for all sizes.
Accordingly, the company's offers for 12-40 mm rebar, for October deliveries, have settled at $733/mt (SAR 2,750/mt) delivered, with prices for rebar 12-14 mm having risen by $13/mt (SAR 50/mt) from the previous levels. Moreover, according to market sources, conventional discounts are not possible to obtain any more. Meanwhile, offers for wire rod have increased likewise, to $760/mt (SAR 2,850/mt) delivered, up from $745/mt (SAR 2,800/mt), delivered.
All prices exclude fifteen percent VAT.
$1 = SAR 3.75