The Saudi Iron and Steel Company (Hadeed) has announced a reduction in its long steel prices for July deliveries, reflecting adjustments in regional market dynamics. The company has lowered its rebar prices by SAR 100 (USD 27) per ton, setting the new price at SAR 2,130 (USD 566) per ton. This marks a notable shift aimed at aligning with current demand and competitive pressures.
Wire rod prices, covering diameters from 6.5 mm to 16 mm, have also been adjusted, though to a lesser extent. Hadeed reduced wire rod prices by SAR 30 (USD 8) per ton, bringing the new rate to SAR 2,320 (USD 617) per ton. These revised prices are quoted on a CPT Riyadh basis and do not include the 15% value-added tax (VAT).
The price cuts come amid broader regional and global steel market fluctuations, with producers responding to shifting input costs, inventory levels, and construction sector activity. Hadeed’s pricing strategy for July suggests a cautious approach to maintaining competitiveness while managing supply and demand dynamics in the Saudi market. The adjustments may also influence pricing trends across the Gulf Cooperation Council (GCC) region in the coming weeks.
