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). All offers are ex-works, including five percent VAT, and on a theoretical weight basis.
The rebar prices in the local Saudi Arabian market have remained the same compared to last week. It is observed that end-user demand in this country has been following an upward tendency day by day. However, in the local market, the high stock levels of both mills and traders have been causing annoyance. Pressure has increased on the Saudi Arabia Trade Department to remove the export ban on billet or rebar or to impose import duties. As is widely known, due to the increases in end-user demand in the local market earlier this year, Saudi Arabia had forbidden rebar and billet exports and removed import duties.