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Saudi steel producer Hadeed has kept its domestic rebar and wire rod prices unchanged for October.
The company’s rebar in 12-32 mm sizes is offered at SAR 2,800 (USD 746) per ton CPT Riyadh, while 7-12 mm wire rod is offered at SAR 2,950 (USD 787) per ton. Prices exclude 15pct VAT.
The decision comes as Saudi Arabia’s long steel market faces slow demand and raw material sourcing challenges. Some rolling mills report difficulties securing scrap in the domestic market, while high local billet prices, lengthy import lead times and elevated freight and insurance costs are putting pressure on operations.
One market insider said some major mills have secured adequate raw materials and are in a more comfortable position than others. However, demand remains slow, with market participants hoping for a recovery in the final quarter.
Before Hadeed’s price announcement earlier this week, other producers had raised rebar offers to around SAR 2,700-2,750 (USD 720-733) per ton delivered, narrowing the gap with Hadeed’s offers. The increases were attributed to higher billet costs.
A GCC trader said Saudi rebar mills had largely stayed out of the billet import market over the past couple of weeks due to a lack of competitive offers, reflecting high freight costs and limited vessel availability. However, billet inquiries are expected to emerge following Hadeed’s October price announcement.
Hadeed is the GCC’s largest steel producer, with an annual production capacity of 3.8 mln tons of long products and 2.2 mln tons of flat products. The company has been owned by Saudi Arabia’s Public Investment Fund (PIF) since May 2024.
1 USD / SAR 3.75
