Saudi rebar demand to strengthen further in early 2012

In the Saudi Arabian rebar market, demand has remained at good levels and this is also expected to persist in the coming period. Meanwhile, prices have not changed from their previous levels.
 
Accordingly, in the Saudi Arabian market retail prices for rebar remain at SAR 2,900/mt ($773/mt) and wholesale rebar prices are still at SAR 2,800/mt ($746/mt) - both ex-works and on a theoretical weight basis.
 
Rolling mills in Saudi Arabia are continuing to import steel billet from Turkey and the CIS in order to meet domestic finished steel demand. In the meantime, Saudi traders have increased their rebar inquiries, anticipating stronger demand in early 2012.
 
$1 = SAR 3.750