Last Update: 08/06/2010 10:55:15 ArabSteel - Rebar prices have seen a decline during the past period compared to the maximum prices reached at the end of April and the beginning of May. This came in the wake of the decline in scrap and semis prices. It is expected that demand on rebar will rise after this drop in price. In this context, Egyptian rebar-producing companies announced a price cut ranging between EGP250-300 per ton (US$44-54) since the beginning of the current month. In Saudi Arabia, Al-Ittefaq and Rajhi Steel announced a reduction on the rebar sales price by SAR250 per ton (US$67) for the coming period. Meanwhile, Hadeed SABIC kept its prices announced at the first of last month unchanged, which were already SAR300 (US$80) lower than the prices of other local producers as well as imported rebar. The Ministry of Trade in KSA announced that one importing company has cut down the imported Turkish rebar price by 12%, whereas other companies refrained from announcing any new prices until destocking their high-priced stocks. Moreover, Jordanian mills lowered their quotes by JOD25-35 (US$35-50) in two weeks time, so that ex-works price have now become JOD491-523 (US$692-737). In Oman, rebar prices have seen a reduction by OMR25-30 (US$65-78) for locally-produced and imported rebar alike in less than one month. However, Turkish imported rebar have seen a cut down in selling price by OMR35 (US$91). Turkish rebar mills have been offering their products for AED2530-2570 per ton (US$690-700) CFR the port of Dubai.
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