Last week Saudi Arabia's government lifted its cap on domestic rebar prices as stocks of material in the country ran low, market participants told MB. The cap was first introd uced at the beginning of the year when the Saudi Ministry of Commercial Industry capped rebar prices at 600 dollars per tonne exw,as international market prices soared in line with higher raw materials costs. But Saudi producers refused to sell below this benchmark, causing a shortage of rebar in the local market, and the government was eventually forced to change this policy.
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