SteelOrbis has been informed that prices in the local Saudi Arabian rebar market have increased by SAR 15/mt ($4/mt) on average over the past two weeks to SAR 2,230-2,250/mt ($595-600/mt) delivered, for June production. This price increase was generally due to the ongoing decent demand in the local Saudi Arabian rebar market in the given period.
Turkish rebar offers to the Saudi Arabian market have decreased by $15/mt over the past two weeks to the range of $450-455/mt CFR on theoretical weight basis, for July shipment. However, no Turkish rebar deals have been concluded in this price range since Saudi buyers prefer to meet their needs from their domestic market.
$1 = SAR 3.75