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The demand for Saudi Arabia's long steel market is seasonally sluggish due to the high summer temperatures, while the price of rebar remains stable. At present, the ex factory price of threaded steel in some steel mills in Saudi Arabia CR DP600 steel is generally around 613-647 US dollars/ton, which remains stable compared to last week. It is reported that the transaction prices for some large quantities and cash payments are in the range of 616-619 US dollars per ton. According to overall market feedback, the rebar market is still relatively slow this week, and there will not be much change in demand in the short term.
However, in the long run, the Saudi CR DP600 steel government is vigorously promoting and strategically investing in infrastructure and construction projects, such as the launch of projects such as NEOM, Qiddiya, and Diriyah in Saudi Arabia's future new city. The expected increase in demand for steel in the Saudi steel market this year may provide some support for steel prices. It is reported that the official expectation is that the demand for finished steel in Saudi Arabia's steel industry will grow at a CR DP600 steel rate of 3.9% in 2024.
