Saudi Arabia’s Sabic raises rebar, wire rod prices on increased billet costs

Saudi Arabia’s biggest steel producer, Hadeed Sabic, has increased its domestic rebar price to 2,200 riyals ($586) per tonne ex-works, Metal Bulletin has learned.

This is 100 riyals per tonne higher than its previous price of 2,100 riyals per tonne ex-works, announced on September 6.

Sabic’s price for wire rod is now 2,250 riyals per tonne ex-works, also up from 2,100 riyals per tonne ex-works.

The price rises were driven by the increased cost of the steel billet from which rebar and wire rod are rolled.

End-user demand for rebar imports is not strong in Saudi Arabia at the moment because low activity in the construction sector allows domestic supply to meet the market’s needs.

Metal Bulletin’s weekly price assessment for Saudi Arabian rebar imports was $555-560 per tonne cfr on a theoretical weight basis on Tuesday September 26, unchanged week-on-week.