Due to seasonal factors and the Ramadan period, the low domestic demand in Saudi Arabia, coupled with the impact of the COVID-19 epidemic, has caused a sharply falling on the country's domestic long product prices.

Saudi Iron & Steel Company (Hadeed), the largest long products producer in Saudi Arabia, has lowered its domestic offer for rebar and wire rods in May.

After Hadeed adjusted its offer, it was expected that the certain import quotations would also be revised soon, especially the wire rods.