Saudi Arabia's largest steel manufacturer and market leader Hadeed has released its domestic longs offer prices for December production, raising its rebar and wire rod prices by $13/mt (SAR 50/mt) to $640/mt (SAR 2,400/mt) CPT and $664/mt (SAR 2,490/mt) CPT, respectively, compared to the previous month, amid the positive outlook for demand.
As for the other local producers, one of the secondary big long steel producers, Al Ittefaq, has issued rebar offers at $626/mt (SAR 2,350/mt) CPT, while the other larger longs producers have yet to announce prices, although it is expected that they will follow Hadeed's pricing in the next few days.
All prices exclude 15 percent VAT.
$1 = SAR 3.75