Saudi Iron and Steel Company (Hadeed) has increased prices for rebar and wire rod products for its July production.Rebar (12-32 mm) will now be offered at 2,410 Saudi riyals ($642) per ton, up 35 riyals ($9) from the previous month.Wire rod (6.5-16 mm) prices have also risen by 35 riyals ($9) to 2,485 riyals ($662) per ton.The new prices are on a CPT Riyadh basis and exclude 15% VAT. This marks the second consecutive month that Hadeed has raised its long steel product prices.The Saudi steel producer had previously maintained stable rebar and wire rod prices for May and June output. However, the latest increases reflect rising raw material and energy costs impacting the domestic steel industry.Hadeed is Saudi Arabia's largest steel manufacturer and a key supplier to the country's construction and infrastructure sectors. The price hikes could put upward pressure on domestic steel prices in the coming months.
