Saudi buyers expect lower rebar offers

According to market sources, prices in the local Saudi Arabian rebar market are currently in the range of approximately SAR 2,245-2,300/mt ($599-613/mt) ex-works. Rebar buyers in Saudi Arabia, where construction activity remains mostly decent throughout the year, are keeping a close eye on the downtrend in the global steel market and they have started to expect lower rebar prices in their domestic market accordingly.
 
Meanwhile, market sources report that some ex-Turkey rebar deals have been concluded in Saudi Arabia during the past week at $445-465/mt CFR, on theoretical weight basis. Saudi buyers are also waiting for prices of imported rebar to soften.
 
$1 = SAR 3.75