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Hadeed ensures price stability for rebar and wire rod in April

Hadeed, a prominent entity in Saudi Arabia's steel industry, has announced its decision to maintain consistent prices for rebar and wire rod throughout April.

Hadeed ensures price stability for rebar and wire rod in April

As the Ramadan month concludes, we can expect a gradual recovery in market activity. Many businesses and construction projects that were temporarily on hold during Ramadan will resume operations.

The resumption of construction projects, infrastructure development, and industrial activities will drive up the demand for structural steel.

Saudi Arabia has been investing heavily in infrastructure development, including megaprojects like NEOM, the Red Sea Project, and Qiddiya. These initiatives will continue to fuel demand for structural steel.
The ongoing urbanization trend in the country will lead to more commercial and residential construction, further boosting the market.

The market will witness a growing emphasis on sustainability. Builders and developers will prioritize eco-friendly materials, including structural steel, due to its recyclability and energy efficiency.

In a strategic move aimed at fostering market stability, the Saudi Iron and Steel Company (Hadeed) has announced its decision to uphold consistent prices for rebar and wire rod throughout the month of April. This marks the second consecutive month where Hadeed has opted for price stability, underscoring its commitment to balancing market dynamics.

According to the latest details released by Hadeed, rebar ranging from 12 to 32 mm will remain available at a steadfast price of 2,350 Saudi riyals per ton. Similarly, wire rod measuring from 6.5 to 16 mm can be acquired at a consistent rate of 2,450 Saudi riyals per ton. It's important to note that these prices are based on Riyadh CPT and do not include the 15% VAT. Furthermore, with the exchange rate set at 1 US dollar to 3.75 Saudi riyals, customers can plan their procurement strategies with clarity.

We recognize the importance of providing predictability amidst fluctuating market conditions," commented from Hadeed. "Our steadfast pricing strategy for April underscores our dedication to supporting our customers and fostering sustainable growth in the industry."


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SteelRadar Insight - Sayı 1 (Haziran 2024)

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