Demand for rebar in the Kingdom of Saudi Arabia is expected to decline due to the slowdown in construction activities and the reduction of working hours. The average price level of rebar in Saudi Arabia decreased by 30-50 riyals per ton ($8-13 per ton) compared to the end of February.
Main producers are offering prices as follows: Al-Ettifaq Steel at 2280-2285 riyals per ton ($608-609 per ton), Al-Rajhi Steel at 2280 riyals per ton ($608 per ton), Al-Watania Steel at 2250-2280 riyals per ton ($600-608 per ton), and Al-Yamamah Steel at 2275 riyals per ton ($607 per ton).
Smaller suppliers are trading in the range of SAR 2,150-2,220/t (US$ 587-600/t) ex-works. The retail sector is following a similar trend, with the supply range declining by SAR 50/t (US$ 13/t) over the same period.
Rebar of the above brands is available in the range of SAR 2,350-2,400/t (US$ 627-640/t), while other products are priced at SAR 2,220-2,320/t (US$ 592-619/t) ex-works. The average rebar is trading at SAR 2,400-2,450/t (US$ 640-653/t).
A significant increase in demand is expected in the near term after the holy month of Ramadan. Prices are exclusive of 15% VAT. US$ 1 = SAR 3.75.
