Hadeed, Saudi Arabia's largest steel manufacturer and market leader, has released its domestic rebar and wire rod offer prices for July production, further raising the price of rebar and rebar in coils but keeping wire rod prices stable, while pointing to consistent demand during the previous month.
As a result, Hadeed's 12-32 mm rebar pricing for July production has increased to $643/mt (SAR 2,410/mt) CPT, versus $633/mt (SAR 2,375/mt) CPT in the previous month. Similarly, the price of rebar in coils has risen to $663/mt (SAR 2,485/mt) CPT from $653/mt (SAR 2,450/mt) CPT the month before. The company has decided to keep wire rod prices stable at $653/mt (SAR 2,450/mt) CPT.
Meanwhile, other local producers have not disclosed their prices but are anticipated to follow a similar price trend in the coming days.
$1 = SAR 3.75