Saudi Arabia's longs market has remained under pressure in August, with the sharpest decline seen in the rebar retail segment as the summer slowdown and limited spot purchasing activity continue to weigh on prices. Although project demand remains supportive and rising energy costs are limiting producers' room for significant reductions, some local mills have still softened their offers slightly in response to the quieter market. Against this backdrop, Hadeed, Saudi Arabia's leading steel producer and the main price reference in the domestic market, has kept its prices unchanged for August production, limiting the downward adjustment at the producer level.
In the Saudi retail market, rebar offers are currently heard at around $627-640/mt (SAR 2,350-2,400/mt) CPT, compared to $653-680/mt (SAR 2,450-2,550/mt) CPT last month. The summer slowdown has further weakened spot purchasing activity, increasing competition among traders and bringing more flexible quotations into the market. However, the decline has remained more pronounced at the retail level, while adjustments by domestic producers have been comparatively limited.
Hadeed has maintained its longs prices unchanged for August production. The company's offer for 12-32 mm rebar remains at $747/mt (SAR 2,800/mt) CPT, while its 10 mm rebar price stands at $773/mt (SAR 2,900/mt) CPT. In the rebar-in-coil segment, Hadeed's prices remain at $736/mt (SAR 2,760/mt) CPT for 12-16 mm material and $757/mt (SAR 2,840/mt) CPT for 8-10 mm material.
Meanwhile, slightly lower prices have been seen from some other domestic producers amid the slower trading environment. Al Ittifaq Steel is offering rebar at around $720/mt (SAR 2,700/mt) CPT, compared to $720-733/mt (SAR 2,700-2,750/mt) CPT in July. Al Yamamah Steel Industries' rebar offers are currently heard at around $680/mt (SAR 2,550/mt) CPT, down from approximately $707/mt (SAR 2,650/mt) CPT last month.
As for imports, Egyptian wire rod offers to Saudi Arabia are currently heard at around $625-630/mt CPT. Nevertheless, buying interest remains limited, given the subdued spot market and the availability of domestic material.
All prices exclude 15 percent VAT.
$1 = SAR 3.75
