Saudi Arabian long steel market maintains its strength

The long steel market in Saudi Arabia, one of the strongest economies in the Middle East, has maintained its strength. Due to several current projects, both billet and rebar consumption levels have remained high in the country and state-controlled quotations have not shown any changes. On the other hand, import rebar offers from Turkey to the Saudi Arabian domestic market are standing at $650-660/mt CFR. Meanwhile, local market sources indicate that a small tonnage rebar transaction from Turkey to the Saudi Arabian market was concluded at the weekend in the price range in question.
 
While Saudi Arabia has mostly covered its internal rebar needs from the domestic market, its billet demand has remained strong too. Turkish billet offers to Saudi Arabia are still ranging at $640-645/mt CFR Jeddah, but no new billet deals have been heard so far, after the ex-CIS and ex-Turkey billet transactions concluded last week.