Saudi Arabia's largest steel producer, Hadeed, has decided to maintain its domestic rebar and wire rod prices unchanged for the third consecutive month. Specifically, Hadeed is keeping its rebar in coil and wire rod prices at SAR 2,350/tonne ($627) and SAR 2,450/tonne ($653) respectively, on a delivered and credit basis, for May rolling.
This price stability was expected by most market participants, as Hadeed is closely monitoring the market dynamics and consumption figures compared to the previous period.
The decision to hold prices steady comes despite the global trend of rising steel prices. Hadeed's move suggests the company is focused on ensuring price stability in the domestic market, rather than chasing higher prices in the short term.
