Saudi Iron and Steel Company (Hadeed) will reduce its long steel prices for October deliveries due to sluggish demand, according to market insiders.
The company plans to lower the price of rebar (12-32 mm) by SAR 70 (USD 19) per ton, bringing the new price to SAR 2,300 (USD 613) per ton. Similarly, the price of wire rod (6.5-16 mm) will drop by SAR 70 (USD 19) per ton to SAR 2,365 (USD 630) per ton.
Above prices are on a CPT Riyadh basis, excluding the 15pct VAT.
1 USD / 3.75 SAR
