In the Saudi Arabian domestic market, state-controlled retail prices for rebar have remained at SAR 2,900/mt ($773/mt) and wholesale rebar prices are still at SAR 2,800/mt ($747/mt) - both ex-works and on theoretical weight basis.
Demand is still strong in the Saudi Arabian rebar market. However, inventory levels of some specific rebar sizes and billet have been diminishing in the country and local producers cannot keep up with all demand. As a result, Saudi buyers are seeking new alternatives to conclude deals. Meanwhile, Turkish rebar offers to the local Saudi Arabian market are still considered to be on the high side by buyers and so they are showing greater interest in concluding transactions with Egypt due to its more attractive offers.
In the meantime, Saudi buyers are very cautious about concluding transactions due to the instability in the region, though the local economic situation and demand levels indicate strength.
$1 = SAR 3.750