Hadeed Saudi Iron & Steel
Company (SABIC) has reduced rebar prices in view of insufficient domestic
demand and import competition.
The mill’s official rebar price will be $587/t (SAR 2,200/t) CPT Riyadh from
March 1, down $26/t (SAR 100/t) from the current level. The exchange rate is $1
= SAR 3.75. Prices are on theoretical weight basis. The company was maintaining
prices within two consecutive months before March.
Other Saudi Arabian rebar producers are expected to follow SABIC.
The material from non-Arab League is subject to 5% import duty in the
country.
Source: metalexpert-group.com