In a recent development, the Saudi Iron and Steel Company (Hadeed) has officially adjusted rebar prices for the month of June. The price of rebar, specifically in the 12-32 mm range, has surged to 2,375 riyals ($633) per ton. This substantial increase amounts to 25 riyals ($7) per ton compared to the previous month.
Interestingly, despite broader market fluctuations, the prices of wire rod (6.5 – 16 mm) have remained unwavering at 2,450 riyals per ton. This stability underscores Hadeed’s commitment to maintaining consistency in this segment.
The decision to revise prices comes as the company navigates changing economic conditions. Notably, these adjustments are made without factoring in the 15% value-added tax, adhering to industry standards.
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