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On June 13, 2023, Fastmarkets proposed the launch of a Saudi Arabia domestic rebar price assessment.
Fastmarkets has received recommendations to tighten the proposed specifications.
The specifications which were initially proposed were as follows:
Steel reinforcing bar (rebar), domestic, delivered Saudi Arabia, riyals per tonneQuality: Diameter 8-40mm, length 6,000-12,000mmQuantity: minimum 1,000 tonnesLocation: Delivered within Saudi ArabiaTiming: Within 30 days after orderUnit: Saudi Arabian riyals per tonnePayment terms: LC, bank credit, payment on delivery or within 30 daysPublication: Weekly. Wednesday 2-3 pm London time.
Fastmarkets proposes to change the specifications to those shown below (amendments in italics):
Steel reinforcing bar (rebar), domestic, delivered Saudi Arabia, riyals per tonneQuality: Diameter 12-40mm, length 12,000mmQuantity: minimum 1,000 tonnesLocation: Delivered within Saudi ArabiaTiming: Within 30 days after orderUnit: Saudi Arabian riyals per tonnePayment terms: LC, bank credit, payment on delivery or within 30 daysPublication: Weekly. Monday 2-3 pm London time.
The extended consultation period for this proposed launch starts on August 9 and will end on Friday September 8. Fastmarkets will publish a new pricing notice to update the market on this proposal during the week of September 11.
To provide feedback on this proposal, or if you would like to provide price information by becoming a data submitter to this assessment, please contact Serife Durmus by email at: pricing@fastmarkets.com. Please add the subject heading: “FAO Serife Durmus re: proposal to launch Saudi Arabia domestic rebar price.”
To see all Fastmarkets’ pricing methodology and specification documents, go to: https://www.fastmarkets.com/about-us/methodology.