Saudi tier-three mills and rebar re-rollers have lowered domestic rebar prices, with some dropping to SAR 1,950-2,000/tonne ($520-533) ex-works amid a stagnant market.
After Ramadan and the Eid holiday, most steel sector participants were expecting a lively market in May; however, mills' rebar sales were not encouraging in the first week of the month and end-user demand is low, notes Kallanish.
For May deliveries, Al Rajhi initiated a rebar price reduction o…
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