Considering the ongoing strong domestic demand and consecutive upward price movements announced by the country’s largest steel producer and key domestic price setter, Hadeed, the Saudi rebar market has maintained its upward momentum into February. Market participants continue to report solid business activity, with the approaching Ramadan period not expected to weigh on consumption. However, despite this broadly supportive demand environment, recent announcements regarding the postponement of the NEOM-linked Asian Winter Games and the suspension of construction works at the Mukaab megaproject in Riyadh point to isolated, project-specific delays, which have not yet materially affected overall market sentiment or current price momentum.
Currently, Hadeed is offering retail rebar at $603/mt (SAR 2,260/mt) CPT, marking a $19/mt (SAR 70/mt) increase for February production compared to the previous month. Among secondary producers, Al Ittifaq has raised its February rebar prices to $589/mt (SAR 2,210/mt) CPT, up from $568-570/mt (SAR 2,130-2,140/mt) CPT in January, while Rajhi Steel has increased its prices to $590/mt (SAR 2,215/mt) CPT, compared with $570-572/mt (SAR 2,140-2,145/mt) CPT previously. Similarly, Al Yamamah has lifted its rebar prices to $586/mt (SAR 2,200/mt) CPT.
In the retail segment, traders have also adjusted their February offers upward to $557-573/mt (SAR 2,090-2,150/mt) CPT, compared with $538-550/mt (SAR 2,020-2,060/mt) CPT in the previous month.
On the export side, Saudi suppliers have continued to offer rebar to the UAE at around $625-630/mt (SAR 2,343-2,362/mt) CPT, up slightly from $620-630/mt (SAR 2,325-2,362/mt) CPT in the past month. According to sources, however, demand from Emirati buyers remains slow, with limited deals concluded, as Omani suppliers are offering lower levels and have recently sold some cargoes to the UAE.
$1 = SAR 3.75
