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 and is anticipated to maintain its high levels throughout 2012, as also indicated in previous SteelOrbis reports. Local rebar prices in the Saudi market are not expected to change unless a steep decrease is observed in global market prices.
Although rebar stock levels in Saudi Arabia are generally sufficient at the moment, inventory levels of some specific rebar sizes have been diminishing. Therefore, Saudi buyers are expected to conclude new transactions for these rebar sizes and billet. However, Turkey's offers to the Saudi Arabian market are considered to be on the high side by buyers and so they are seeking lower price options.
$1 = SAR 3.75