Hadeed, the key steelmaker and trendsetter in the local longs market in Saudi Arabia, has announced its price for May production rebar.
The producer has decided to keep its price stable, taking into account the subdued domestic rebar demand due to the ongoing month of Ramadan. Moreover, the expectation for business activity in May is not so bright given the Eid holiday and limited construction hours due to the increasingly hot weather conditions. As a result, Hadeed has maintained its 16-32 mm rebar price for local buyers at $706/mt (SAR 2,650/mt) CPT.
$1 = SAR 3.75