Saudi Arabian market players say demand for rebar from both end users and trading companies starts growing after the end of religious holidays because of increased construction activity. In particular, stocks of Arabian traders are almost depleted, although the market was quiet during the last two weeks of Ramadan.
Mills’ prices for domestic rebar have been unchanged since mid-June 2010 – some $735-760/t EXW. Nevertheless, Arabian suppliers have been insisting on a rise in quotations since the middle of August because of high import prices for square billet. Moreover, one of producers (Al-Yamamah) has already tried to push through an increase by $40/t. However, the situation will be uncertain until the government makes its decision on this issue and announces it next week.
( Source: www.metalexpert-group.com )