Saudi Arabia's largest steel producer and market leader Hadeed has announced domestic rebar and wire rod offer prices for August production, raising the price of wire rods, while leaving rebar and rebar in coil prices unchanged.
Accordingly, Hadeed's 12-32 mm rebar and rebar in coil prices for August production are stable month on month at $643/mt (SAR 2,410/mt) CPT and $663/mt (SAR 2,485/mt), respectively.
On the other and, after keeping wire rod prices stable for two months, the company has decided to raise wire rod prices to $666/mt (SAR 2,500/mt) CPT from $653/mt (SAR 2,450/mt) CPT before.
Meanwhile, other local producers have not yet disclosed their prices but are anticipated to follow a similar price trend in the coming days.
$1 = SAR 3.75