Saudi buyers unwilling to conclude rebar deals for large volumes

According to market sources, the price range in the local Saudi Arabian rebar market, where demand has weakened due to decreasing oil prices, has widened significantly. Rebar offers from small producers to the local market for lower quality products begin at SAR 1,800/mt ($480/mt) delivered on the lower end, while rebar offers from big producers have reached SAR 2,350/mt ($627/mt) delivered.
                                
Meanwhile, market sources report that prices of positions for previously imported Turkish rebar in Saudi Arabia are at SAR 1,900/mt ($507/mt) delivered. For now, most Saudi market players are avoiding concluding rebar deals especially for large volumes, as they do not have much confidence in the outlook for the market.
 
$1= SAR 3.75