SteelOrbis has been informed that prices in the local Saudi Arabian
rebar market have increased by SAR 20/mt ($5/mt) on average over the past two weeks to SAR 2,145-2,245/mt ($572-599/mt) delivered. Current activity on construction projects in the country is not expected to slow down until Ramadan which starts on June 18, with demand in the local
rebar market currently remaining strong.
Turkish
rebar offers to the Saudi Arabian market are now in the range of $450-455/mt CFR on theoretical weight basis. However, this price range is considered to be on the high side and it is reportedly difficult for Turkish
rebar exporters to conclude new deals.
Although Chinese
rebar offers to the Saudi Arabia stand at $360/mt FOB, Saudi buyers prefer not to conclude deals for Chinese
rebar due to quality concerns.
Market sources state that Saudi buyers are happy with the strong demand in their local market since construction activities are continuing without slowing down, while they are not showing interest in importing
rebar from
China or
Turkey.
$1 = SAR 3.75