SteelOrbis has been informed that local prices for rebar in the Saudi Arabian market are standing at the following levels, on theoretical weight basis, including five percent VAT.
Product |
Price |
Rebar 8 mm |
SAR 4,800/mt ($1,279/mt) ex-works |
Rebar 12 mm |
SAR 4,600/mt ($1,226/mt) ex-works |
Rebar 16 mm and above |
SAR 4,550/mt ($1,213/mt) ex-works |
The rebar prices in the local Saudi Arabian market declined throughout the month of August. Saudi Arabia - a country which had been exporting to the markets such as United Arab Emirates and Lebanon switched to imports after the introduction of the ban on rebar exports due to the increased the domestic end-user demand. The slowdown in the local end-user demand, in addition to the holiday season and Ramadan, have, altogether causing supplies to increase, pushed the prices down. Meanwhile, the traders who did not keep stocks and who sold the materials at lower prices during the downtrend, in addition to the end-users that purchased materials in line with their requirements, are still playing a major role in price reductions.