Saudi iron and steel company adjusts rebar prices for February aqmid evolving market

The Saudi Iron and Steel Company (Hadeed) has announced a strategic adjustment in rebar prices for February, setting them at 2,350 Saudi riyals per ton ($627 per ton). This reflects a 25 Saudi riyals per ton ($7 per ton) increase compared to January, driven by the company's aim to balance costs amidst changing economic conditions.

Despite robust local demand, the move is seen as a necessary step to align with current market realities. The pricing for wire rods of different sizes has also been outlined. The average price level in Saudi Arabia has experienced a decrease compared to the second week of January. These adjustments, excluding the 15% VAT, are expected to influence both local and international steel market dynamics. The currency exchange rate is fixed at 1 dollar = 3.75 Saudi riyals.