Saudi Arabia’s Saudi Iron and Steel Company (Hadeed) has increased prices for its long steel products for April deliveries, marking its third hike since the start of the month.
The company’s rebar prices (12-32 mm) have been raised by SAR 80 (USD 21) to SAR 2,640 (USD 704) per ton, while wire rod prices (7-14 mm) increased by SAR 140 (USD 37) to SAR 2,690 (USD 717) per ton.
Cumulatively, Hadeed’s rebar prices have risen by SAR 280 (USD 75) per ton since early April, while wire rod prices are up by SAR 340 (USD 91) per ton over the same period.
The prices are on a CPT Riyadh basis, excluding 15pct VAT.
Market sources previously told MEsteel that the increases reflect 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
