Posted on 24 Dec 2024
Saudi Arabia's west coast mill concluded a 5,000-tonne rebar export deal last week at $515/tonne fob (SAR 1,931) Jazan port, or at $540-545/t cfr Lebanon. The material is expected to be delivered in the first week of January, Kallanish confirms from multiple sources.
The lowest billet price in Saudi Arabia was at SAR 2,030/t ($541) ex-works last week from induction furnace mills for 130mm 3sp material, while rebar was at SAR 2,180-2,200/t ($581-587) ex-works in Riyadh and the west coast. Prices are against cash payment.
"Neither Egyptian, Qatari, Algerian, Russian nor Turkish mills can match this rebar price [$540-545/t cfr Lebanon], but almost everyone knows that this is a one-off deal and that another deal at this price is not possible," a senior mill official says.
Rebar offers are heard in the Lebanese market this week at $560-565/t cfr, with Egyptian product at $580-585/t cfr, equating to $560-565/t fob Egypt, while quotes from Qatar are at $520/t fob or $570-575/t cfr, for January shipment.
"The reconstruction of Lebanon and Syria will be costly and a lot of building materials will be needed including steel products. There is stiff competition between the rebar suppliers already in the Lebanese market," comments a trading source in Lebanon.
Source:Kallanish
