SteelOrbis has been informed that the local offers for 8 mm rebar in the Saudi Arabian market are at the price level of SAR 2,280/mt ($608/mt), offers for 12 mm are at SAR 2,080/mt ($555/mt), while 16 mm and above are being offered at SAR 2,000-2,020/mt ($533-539/mt). All offers are ex-works, including five percent VAT, and on a theoretical weight basis.
As SteelOrbis mentioned in last week's report, the mood in the local Saudi Arabian rebar market is now more optimistic compared to previous weeks. Price levels in the Saudi Arabian rebar market have increased by SAR 150/mt ($40/mt) in the past week, having earlier been on a flat trend for more than two months. On the back of the rising price trend, end-users' confidence in the market has also increased and end-user demand is moving on an uptrend.