Hadeed, recognized as the primary tier-one mill in Saudi Arabia, has maintained its April-delivery long steel prices unchanged from March. Rebar prices for 12-32mm diameter stand at SAR 2,350/tonne ($627), while rebar in coils of 8-14mm diameter and 7-11mm diameter wire rod are priced at SAR 2,450/t ($653). Additionally, a SAR 100/t ($26.6) surcharge is applied for 5.5mm diameter wire rod. These prices are based on a 90-day credit basis and include delivery across the country.
The announcement was made on 24 March, with industry anticipation heightened due to the upcoming long Eid holidays in April resulting in fewer working days. Tier-two mills Al Rajhi and Al Ittefaq have also maintained their rebar prices at SAR 2,250-2,260/t delivered on credit.
In Riyadh, tier-three rebar producers have reduced their transaction prices to SAR 2,100-2,115/t ex-works against cash in advance for large volumes to clear their stocks.
Hadeed's rebar prices in the wholesale market remain at SAR 2,280-2,300/t, while in the retail market, they are at SAR 2,300-2,320/t delivered and for cash payment.
The retail sales of rebar and the supply of wire rod from mills are still sluggish in the kingdom. With students going on a semester break over the weekend, combined with the Eid holiday, market activity is expected to remain subdued until mid-April.
