The long steel market in Saudi Arabia, one of the strongest economies in the
Middle East, has maintained its strength. Due to several current projects, both
billet and
rebar consumption levels have remained high in the country and state-controlled quotations have not shown any changes. On the other hand, import
rebar offers from
Turkey to the Saudi Arabian domestic market are standing at $650-660/mt CFR. Meanwhile, local market sources indicate that a small tonnage
rebar transaction from
Turkey to the Saudi Arabian market was concluded at the weekend in the price range in question.
While Saudi Arabia has mostly covered its internal
rebar needs from the domestic market, its
billet demand has remained strong too. Turkish
billet offers to Saudi Arabia are still ranging at $640-645/mt CFR Jeddah, but no new
billet deals have been heard so far, after the ex-
CIS and ex-
Turkey billet transactions concluded last week.