Market sources confirm that
rebar retail prices in the local Saudi Arabian market are standing at SAR 2,700-2,800/mt ($720-747/mt) ex-warehouse, while
rebar wholesale prices are varying in the range of SAR 2,600-2,650/mt ($693-707/mt) ex-works. Activity in the Saudi market has started to pick up following the difficulties caused by labor law revisions. As for the cost side, local
scrap prices are standing in the range of SAR 1,200-1,300/mt ($320-347/mt) delivered, while steel mills meet 85 percent of their
scrap needs from the domestic market.
In the meantime, Turkish
rebar offers to the country are standing at $580-585/mt FOB, while market players state that temporarily suspended projects will be implemented soon and so demand for import materials will likely improve gradually.
$1 = SAR 3.75