SteelOrbis has been informed that prices in the local Saudi Arabian rebar market have decreased by SAR 200/mt ($54/mt) over the past month to SAR 1,750-1,800/mt ($467-491/mt) delivered to customer, for November production. Meanwhile, demand for rebar in Saudi Arabia is on the weak side, since buyers have high inventories. Market players state that demand for Chinese and Turkish rebar has decreased in Saudi Arabia, while local buyers have been heard to conclude ex-UAE rebar deals at SAR 1,470/mt ($392/mt) ex-warehouse.
$1 = SAR 3.75