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22 May

Riyadh-based mills seek to curb scrap buying prices

Riyadh-based induction furnace-route rebar producers – semi-integrated mills – are trying to curb domestic scrap price rises and have set a maximum purchase price of SAR 1,600/tonne ($427) delivered for HMS 1/2 80:20 grade. Dealers are offering this grade at SAR 1,620-1,650/t delivered in Riyadh and Dammam and SAR 1,600-1,620/t in Jeddah. The gap between scrap buying and rebar selling prices has narrowed to unprecedented levels of SAR 500-580/t, leavin…
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