Following the previously announced price adjustment by Hadeed, Saudi Arabia’s largest steel producer and market leader, last week for November output, both secondary mills and the retail market have shown similar upward movements in rebar prices. According to market participants, overall demand in the Kingdom has been improving and remains supported by large-scale infrastructure and mega projects currently under development. However, some sources noted that certain projects are progressing more slowly than initially anticipated, and low interest rates have not yet translated into the level of investment activity expected earlier in the year. Even so, overall rebar consumption in the Kingdom remains moderate, driven by sustained construction activity and ongoing project execution, with total consumption reported to be around 7.3 million metric tons and anticipated to stay elevated in the coming year.
Hadeed, Saudi Arabia’s largest steel producer, has announced an increase in its rebar prices for November to $555/mt (SAR 2,080/mt) CPT, marking a rise of $5/mt (SAR 25/mt) compared to the previous month. The company kept its prices for rebar coil and wire rod unchanged at $588/mt (SAR 2,205/mt) CPT and $632/mt (SAR 2,370/mt) CPT, respectively.
The price increase announced by Hadeed has prompted a similar response from other secondary producers, who have aligned their offers accordingly. Al Yamamah and Al Ittefaq have both revised their rebar prices for November to $540/mt (SAR 2,035/mt) CPT and $545/mt (SAR 2,050/mt) CPT, respectively, indicating a unified trend across the market.
Meanwhile, in the retail segment, traders have also adjusted their quotations slightly upward, now offering rebar at $505-520/mt (SAR 1,900-1,950/mt) CPT for November output.
