According to market reports, rebar retail prices in the local Saudi Arabian market are standing at SAR 2,900/mt ($773/mt) ex-warehouse, while rebar wholesale prices are at SAR 2,800/mt ($747/mt) ex-works.
Meanwhile, it is also possible to hear offers at SAR 2,475/mt ($660/mt) ex-warehouse for good quality materials. Local sources inform SteelOrbis that new facilities are being built in the country to increase rebar production, while new construction projects, which will accelerate in the October-November period, are expected to provide a boost for the local market. In the meantime, new legislation aimed at detecting illegal workers in the country and deporting them will likely cause stagnation in the steel sector.
Ex-Turkey rebar offers to Saudi Arabia, on the other hand, can be found at $590/mt FOB. The demand level for Turkish rebar in the region will become clearer in the coming weeks, while buyers have so far remained cautious due to the ongoing political uncertainty in the country.
$1 = SAR 3.75