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. In addition, major steelmakers in the Saudi market are offering
rebar at the level of SAR 2,750/mt ($733/mt) delivered, while traders' offers are characterized by great variety, with some traders offering
rebar below the above levels, though buying interest is on the low side at the moment. Implementation of new labor law revisions, with more than 126,000 illegal workers deported so far, have affected the local
rebar market negatively.
In the meantime, Turkish
rebar offers to the country are standing at $590-600/mt FOB, though demand for import materials is weak due to the ongoing chaos in the country linked to the labor law revisions.
$1 = SAR 3.75