SteelOrbis has been informed that Saudi Arabia-based Saudi Basic Industries Corporation (SABIC) has reduced its local rebar prices by SAR 100/mt ($27/mt) over the past month to SAR 2,180-2,240/mt ($581-597/mt) delivered, on actual weight basis. The producer has revised its local prices downwards amid the influence of declining steel prices in the global market.
$1 = SAR 3.75