SteelOrbis has been informed that rebar prices in the local Saudi Arabian market have remained unchanged over the past three weeks in the range of SAR 2,210-2,220/mt ($589-592/mt) delivered to customer, while Turkish rebar offers to Saudi Arabia are currently at $430-435/mt FOB. However, market sources state that this price range is unlikely to gain acceptance and is currently considered to be on the high side, in particular given the declines seen in Chinese billet export offers. Meanwhile, according to market sources Chinese billet offers to the foreign markets are currently at $355/mt CFR.
$1 = SAR 3.75