Hadeed, the largest manufacturer of steel and market leader in Saudi Arabia, has chosen to lower domestic rebar pricing for March production, even though demand and trade in the country were previously comparatively stable. Some market sources explain this move due to the approach of Ramadan, which is likely to slow down trade.
According to the announcement, Hadeed has revised rebar offers for March to $627/mt (SAR 2,350/mt) CPT, a $13/mt (SAR 50/mt) decrease from the previous levels. Similarly, compared to the previous month, the price of rebar in coils has dropped by $13/mt (SAR 50/mt) to $619/mt (SAR 2,320/mt) CPT.
All prices exclude 15 percent VAT.
$1 = SAR 3.75