Domestic rebar demand in Saudi Arabia is still booming, resulting in one of the highest price levels for the product within the Gulf Cooperation Council (GCC) region. Rebar suppliers from Oman and the UAE remain active in their offers to this market, taking into account weak demand locally.
According to sources, the largest UAE-based rebar producer has been offering around $545/mt (AED 2,000/mt) CPT to the Dammam area, while other suppliers from the mentioned country are in the market with $553-558/mt (AED 2,030-2,050/mt) CPT, SteelOrbis has learned. Omani offers have been reported at $560/mt (SAR 2,100/mt) CPT Dammam, which is a bit higher than buyers’ expectations. The levels are considered to be rather low as Saudi producer Hadeed’s offers in its local market are at $640/mt (SAR 2,400/mt) CPT though deals, according to sources, have been closed with some good discounts.
In the meantime, local workable price levels for rebar in the UAE’s local market have been far below the recently announced official levels. According to sources, deals have been closed within $485-490/mt (AED 1,780-1,800/mt) ex-works with 90-day payment. Oman’s offers have been reported at $479/mt (AED 1,760/mt) CPT to the UAE. Retail prices in the UAE for rebar are at $517/mt (AED 1,900/mt) ex-warehouse for rebar produced by Emirates Steel Industries (ESI) and at around $500/mt (AED 1,840/mt) ex-warehouse for rebar of other origins, SteelOrbis has learned.
$1 = SAR 3.75
