On April 29, Hadeed, the largest steel manufacturer and market leader in Saudi Arabia, released its longs prices for May production, cutting its rebar prices, while raising its wire rod prices. Meanwhile, according to market players, demand generally remains at good levels, but, given the impending holiday season and the extended duration of mega construction projects, a slight slowdown in demand is anticipated in the coming months.
Accordingly, the company's 12-32 mm rebar offers for May production have dropped by $18/mt (SAR 70/mt) to $608/mt (SAR 2,280/mt) CPT compared to last month. Similarly, prices for rebar in coils have fallen to $600/mt (SAR 2,250/mt) CPT, from $619/mt (SAR 2,320/mt) CPT in the previous month.
On the other hand, the company has raised its wire rod prices from $626/mt (SAR 2,350/mt) CPT to $634/mt (SAR 2,380/mt) CPT.
Although other local producers have not yet made a decision on their offer prices, it is anticipated that they will do so in the coming days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75