Market sources confirm that rebar retail prices in the local Saudi Arabian market have remained unchanged since last week and are still at SAR 2,800/mt ($747/mt) ex-warehouse, while rebar wholesale prices are still at SAR 2,500/mt ($667/mt) ex-works.
On the upstream side, bonus grade scrap prices in the Saudi Arabian market are standing in the range of SAR 1,350-1,400/mt ($360-373/mt) delivered. Local steel mills meet 85 percent of their scrap needs from their domestic market.
In the meantime, Turkish rebar offers to the country have remained unchanged since last week and still standing at $575-580/mt CFR on theoretical weight basis. Demand is slack for import offers as buyers' price expectations are much lower and as domestic rebar prices are lower than current import rebar offers.
Current freight costs can be viewed here.
$1 = SAR 3.75