SteelOrbis has been informed that the local offers for 8 mm rebar in the Saudi Arabian market are at the price level of SAR 2,130/mt ($568/mt), offers for 12 mm are at SAR 1,930/mt ($515/mt), while 16 mm and above are being offered at SAR 1,880/mt ($501/mt), ex-works, including five percent VAT, on a theoretical weight basis.
The rebar prices in the local Saudi Arabian market have shown a decrease by SAR 770/mt ($206/mt) as compared to last week. End-user demand in the Saudi Arabian domestic market has risen due to the increasing number of export offers given by the Turkish mills in recent weeks. However, after one Saudi Arabian mill reduced its prices, all other mills have decreased their prices by the same margin. In spite of the warming up of end-user demand, the price decrease trend in this market may be considered to be due to the desire of producers to melt their high stock levels as quickly as possible.