SteelOrbis has been informed that the local offers for 8 mm rebar in the Saudi Arabian market are at the price level of SAR 2,130/mt ($569/mt), offers for 12 mm are at SAR 1,930/mt ($515/mt), while 16 mm and above are being offered at SAR 1,870/mt ($499/mt). All offers are ex-works, including five percent VAT, and on a theoretical weight basis.
The rebar prices in the local Saudi Arabian market have been following a stable trend since last month. Inventories in the local market are still at high levels. However, mills are not expected to revise their prices at the start of 2009.