Saudi Arabian market not showing demand for Turkish rebar or billet

SteelOrbis has learned from market sources that in Saudi Arabia state-controlled rebar retail prices are stable at SAR 2,900/mt ($773/mt) ex-warehouse, while wholesale rebar prices are still at SAR 2,800/mt ($747/mt) ex-works.
 
In the meantime, Turkish rebar prices for Saudi Arabia are at $605/mt CFR. However, demand at this price level is reported to be low.
 
Although Turkish steel billet export offers have decreased by $10-15/mt in the past two weeks, declining to $550-560/mt FOB, no transaction has been reported so far at the new price levels. Some market insiders state that this is because ex-CIS billet offers at $520/mt FOB are seeing good demand.
 
$1 = SAR 3.750