Hadeed, Saudi Arabia's largest steel producer and market leader, has released its domestic rebar and wire rod offer prices for September production. According to the notice, the company has continued to raise official prices for wire rod while also offering discounts to customers. However, it has decided to cut its rebar offer prices since the market continues to witness slower demand.
As a result, Hadeed has revised rebar offers for September production to $632/mt (SAR 2,370/mt) CPT, a $10/mt (SAR 37/mt) decrease from the previous levels.
Meanwhile, Hadeed is selling wire rods to customers within 50 percent of their quota at $676/mt (SAR 2,535/mt), up $10/mt (SAR 37/mt) from the previous month. However, if the 50 percent level of the quota is exceeded, there is a another $54/mt (SAR 202/mt) discount.
$1 = SAR 3.75