The price level of 8-12 mm rebar in the local Saudi Arabian market is at SAR 3,700-3,900/mt ($987-1,040/mt) delivered to customer on theoretical weight basis, including five percent VAT.
SABIC, which had been previously keeping its prices below those of other producers in Saudi Arabia, has increased its prices by SAR 850/mt ($215/mt) under pressure from the rising raw material costs. With the increase in question, the price imbalance in the local Saudi Arabia market has disappeared.