Saudi Iron and Steel Company - Hadeed - Reduces Rebar Prices for October Delivery

Saudi Iron and Steel Company (Hadeed) will reduce its long steel prices for October deliveries due to sluggish demand, according to market insiders. The company plans to lower the price of rebar (12-32 mm) by SAR 70 ($19) per ton, bringing the new price to SAR 2,300 ($613) per ton. Similarly, the price of wire rod (6.5-16 mm) will drop by SAR 70 ($19) per ton to SAR 2,365 ($630) per ton. Above prices are on a CPT Riyadh basis, excluding the 15% VAT. 1 $ = 3.75 SAR