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 ($568/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 remained unchanged for over two months. However, it is observed that end-user demand in this country is currently improving. It may be said that the main reasons behind the demand increase in question are as follows:
- Prices have been stable for ten weeks and end-users believe that prices will not drop below the current levels.
- It is believed in the market that rebar prices will start to increase as of next month.