Extension of consultation period on launch of Saudi Arabia domestic rebar price

After assessing market feedback, Fastmarkets is extending by one month the consultation period for its proposal to launch a weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Saudi Arabia.

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 tonne
Quality: Diameter 8-40mm, length 6,000-12,000mm
Quantity: minimum 1,000 tonnes
Location: Delivered within Saudi Arabia
Timing: Within 30 days after order
Unit: Saudi Arabian riyals per tonne
Payment terms: LC, bank credit, payment on delivery or within 30 days
Publication: 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 tonne
Quality: Diameter 12-40mm, length 12,000mm
Quantity: minimum 1,000 tonnes
Location: Delivered within Saudi Arabia
Timing: Within 30 days after order
Unit: Saudi Arabian riyals per tonne
Payment terms: LC, bank credit, payment on delivery or within 30 days
Publication: 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.

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