New construction projects provide boost for Saudi Arabia’s rebar market

SteelOrbis has learned from market sources that state-controlled retail rebar prices in the Saudi Arabian domestic market are standing at SAR 2,900/mt ($773/mt) ex-warehouse, while wholesale rebar prices are at SAR 2,800/mt ($747/mt) ex-works.
 
Local market sources confirm that new construction projects in the country have improved rebar demand and transaction activity is expected to accelerate in early February.
 
On the other hand, this week a Russian steelmaker has sold 30,000 mt of billet to Saudi Arabia at the price level of $526/mt FOB for shipments in February, while new billet deals are likely to be concluded in the short term.
 
$1 = SAR 3.75