Saudi Arabia’s Saudi Iron and Steel Company (Hadeed) has reduced domestic prices for its long steel products by SAR 130 (USD 35) per ton for July production.
The company is offering 12-32 mm rebar at SAR 2,800 (USD 746) per ton CPT Riyadh and 7-12 mm wire rod at SAR 2,850 (USD 760) per ton CPT Riyadh, both excluding 15pct VAT.
The latest reduction came despite Hadeed’s recent increase in scrap buying prices, suggesting that weak demand in the domestic long steel market continues to outweigh higher raw material costs.
The latest cut follows a series of price increases implemented between April and May, while prices for June production were left unchanged. Those earlier increases were largely driven by higher raw material costs and supply chain disruptions stemming from regional geopolitical tensions.
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