Saudi Arabia’s Saudi Iron and Steel Company (Hadeed) has increased prices for its long steel products, marking its fourth hike since early April amid ongoing cost pressures linked to Middle East disruptions.
Rebar (12-32 mm) prices were raised by SAR 160 (USD 43) to SAR 2,800 (USD 747) per ton, while wire rod (7-14 mm) prices also increased by SAR 160 (USD 43) to SAR 2,850 (USD 760) per ton.
Cumulatively, Hadeed’s rebar prices have risen by SAR 440 (USD 117) per ton since early April, while wire rod prices are up by SAR 500 (USD 133) per ton over the same period.
The prices are on a CPT Riyadh basis, excluding 15pct VAT.
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