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

Despite robust local demand, the adjustment reflects Hadeed's commitment to aligning with current market realities.

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.

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