According to market sources, the price range in the local Saudi Arabian rebar market is generally at SAR 2,210-2,220/mt ($589-592/mt) delivered. Meanwhile, prices for previously imported Turkish rebar in Saudi Arabia are at SAR 1,748/mt ($466/mt) delivered.
Saudi Arabian market sources state that scrap prices in their domestic market are moving on a downtrend, now standing at approximately SAR 789/mt ($213/mt) delivered, and are likely to decrease to SAR 750/mt ($200/mt) in the short term. The softening trend of raw material prices is influencing country's finished steel market, creating expectations on the buyers' side that finished steel prices should fall as well.
$1 = SAR 3.75