SteelOrbis has been informed that local offers for 8 mm rebar in the Saudi Arabian market are at the price level of SAR 2,250/mt ($601/mt), offers for 12 mm are at SAR 2,030/mt ($542/mt), while 16 mm and above are being offered at SAR 1,980/mt ($529/mt). All offers are ex-works, excluding VAT and on a theoretical weight basis.
Price levels in the Saudi Arabian rebar market continue to trend sideways. Prices have shown no changes as compared to February, while it is observed that end-user demand has been on a sluggish trend in particular over the past two weeks. The reasons for this are as follows:
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End-users who believe that prices will not decrease further have concluded purchases exceeding their needs and increased their inventories. Consequently, new purchases have slowed down.
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Local buyers who observe that prices have declined in the foreign markets think that their inventories are at sufficient levels. Especially, decreasing offers given by Turkish producers who have a decisive role in this region have led purchases to slow down.