Saudi Arabia’s longs market has remained largely stable as June begins, with market leader Hadeed announcing unchanged prices for the month. According to market sources, demand in the country continues to be supported by ongoing construction activity and projects, though some slowdown in trading activity has been observed due to the Eid al-Adha holiday period. As a result, the producer has opted to maintain its current offer levels for June in an effort to preserve the market balance.
Under the latest announcement, Hadeed has kept its rebar prices unchanged at $781/mt (SAR 2,930/mt) CPT, while its wire rod and coil prices have remained at $778/mt (SAR 2,920/mt) CPT.
Meanwhile, local scrap prices have also remained stable, at around SAR 1,600-1,700/mt CPT on average, with market sources reporting no changes compared to the previous month.
On the other hand, other domestic producers have not yet announced their June prices, but they are widely expected to maintain their offers unchanged, following Hadeed’s decision to roll over its June prices.
All prices exclude 15 percent VAT.
$1 = SAR 3.75
