In a recent move, Saudi Iron and Steel Company (Hadeed) has announced a reduction in its wire rod prices by SAR 100 (USD 27) per ton for September deliveries. This adjustment brings the new price for wire rod (6.5-16 mm) to SAR 2,435 (USD 648) per ton.
Additionally, Hadeed has also lowered its rebar prices by SAR 40 (USD 11) per ton, setting the new price at SAR 2,370 (USD 631) per ton. These prices are based on CPT Riyadh terms and do not include the 15% VAT.
The price cut is expected to benefit a wide range of industries, including construction, automotive, and manufacturing, which rely heavily on wire rods for various applications. By lowering prices, Hadeed aims to boost demand and strengthen its market position.
Industry analysts suggest that this move could lead to increased competition among wire rod producers, potentially driving further price adjustments across the sector.
*1 USD = 3,75 SAR*
Comments
No comment yet.