Saudi Arabia’s Saudi Iron and Steel Company (Hadeed) has increased prices for its long steel products for April deliveries, marking its second hike within a week.
Rebar prices (12-32 mm) have been raised by SAR 100 (USD 27) to SAR 2,560 (USD 683) per ton, while wire rod prices (7-14 mm) have also increased by SAR 100 to SAR 2,550 (USD 680) per ton.
Above prices are on a CPT Riyadh basis and exclude the 15pct VAT.
Market insiders said the latest increase reflects higher input costs, particularly rising scrap prices and logistics rates.
Hadeed is the GCC’s major steel producer with an annual capacity of 3.8 mln tons of long products and 2.2 mln tons of flat products. The company was acquired by the Public Investment Fund in May 2024.
1 USD / 3.75 SAR
