The Saudi Iron and Steel Company announces an increase in rebar prices for February

The Saudi Iron and Steel Company (Hadeed) announced the official prices for selling rebar for February at 2,350 Saudi riyals per ton ($627 per ton), an increase of 25 Saudi riyals per ton ($7 per ton) compared to the level of January. The company resorted to this increase to balance costs. Despite the sufficient local demand for rebar in the Kingdom of Saudi Arabia. The price of 5.5-6 mm wire rod was set at 2,500 Saudi riyals/ton ($667/ton), while 6.5-14 mm wire rod were priced at 2,450 Saudi riyals/ton ($653/ton). While the average price level in Saudi Arabia decreased by 7-75 Saudi riyals per ton ($2-20 per ton) compared to the second week of January. Prices are without 15% VAT. Currency price: 1 dollar = 3.75 Saudi riyals.