Saudi companies announced that they have fixed their rebar quotes during May at the same level announced previously by the end of April. Meanwhile, steel markets have been witnessing some stability in supply & demand after local mills increased the quantities headed to local distributors.
According to information have drawn from insider sources, this stability comes in line with the decision by Ministry of Finance deputies to refer the draft resolution to remove the 5% customs duty, submitted for approval by Kuwait to the GCC ministers of Finance meeting to be held on May 9th 2010. In addition, the locally produced rebar prices are still lower when compared to imported rebar price.