After the decline in crude… Rebar prices in Saudi Arabia drop by 13%

After the decline in crude… Rebar prices in Saudi Arabia drop by 13%
After the decline in crude… Rebar prices in Saudi Arabia drop by 13%

Global price drop by 24%

Rebar prices in the Kingdom recorded during the month of September a decrease of 13% after the surge it witnessed. Specialists linked the reasons for the decline to a 24% drop in global crude prices, as the price of a ton of iron ore on global stock exchanges was less than $100.

The average prices of construction materials locally in the first seven months of the current Gregorian year 2021 increased compared to the same period last year, with iron coming from the most prominent by 31%, before re-decreasing slightly.

In this report, “Previously” reviews the average iron prices during the past five months of the year 2021, according to the bulletin of the Statistics Authority, as it came as follows: April 3377 riyals per ton, and May 3351 riyals per ton, June was its strongest jump, reaching 3700 riyals, and July 3700, August and August 3,670 riyals, while prices last month touched 3,200 in some companies, down by 13%.

Among the most important reasons for the recent rise in iron prices, the Corona pandemic and the suspension of marine navigation “transportation”, the rise in iron ore, and demand, and one of the most important reasons for the decline in prices at present is the fading of the impact of the pandemic, the return of life relatively to its normal state, the decline in crude prices and the equation of supply and demand.

The International Iron and Steel Organization (World steel) ranked the Kingdom among the 20 largest iron and steel producing countries in the world, as its iron production, according to what was published by the Council of Saudi Chambers, amounted to 8.2 million tons during 2019.

The Council of Chambers affirmed that this global classification reflects the efforts of the leadership and the public and private sectors to develop this industry. Because it is one of the important strategic industries in the Kingdom.

The Council stressed that the iron and steel industry in the Kingdom witnessed a remarkable challenge during the past years, yet it occupied an advanced position after the adoption of the National Iron Committee of the Council of Saudi Chambers as a member of the organization.






After the decline in crude… Rebar prices in Saudi Arabia drop by 13%

Qassem Al-Khabrani
previously
2021-10-01

Rebar prices in the Kingdom recorded during the month of September a decrease of 13% after the surge it witnessed. Specialists linked the reasons for the decline to a 24% drop in global crude prices, as the price of a ton of iron ore on global stock exchanges was less than $100.

The average prices of construction materials locally in the first seven months of the current Gregorian year 2021 increased compared to the same period last year, with iron coming from the most prominent by 31%, before re-decreasing slightly.

In this report, “Previously” reviews the average iron prices during the past five months of the year 2021, according to the bulletin of the Statistics Authority, as it came as follows: April 3377 riyals per ton, and May 3351 riyals per ton, June was its strongest jump, reaching 3700 riyals, and July 3700, August and August 3,670 riyals, while prices last month touched 3,200 in some companies, down by 13%.

Among the most important reasons for the recent rise in iron prices, the Corona pandemic and the suspension of marine navigation “transportation”, the rise in iron ore, and demand, and one of the most important reasons for the decline in prices at present is the fading of the impact of the pandemic, the return of life relatively to its normal state, the decline in crude prices and the equation of supply and demand.

The International Iron and Steel Organization (World steel) ranked the Kingdom among the 20 largest iron and steel producing countries in the world, as its iron production, according to what was published by the Council of Saudi Chambers, amounted to 8.2 million tons during 2019.

The Council of Chambers affirmed that this global classification reflects the efforts of the leadership and the public and private sectors to develop this industry. Because it is one of the important strategic industries in the Kingdom.

The Council stressed that the iron and steel industry in the Kingdom witnessed a remarkable challenge during the past years, yet it occupied an advanced position after the adoption of the National Iron Committee of the Council of Saudi Chambers as a member of the organization.

01 October 2021 – 24 Safar 1443

06:51 PM


Global price drop by 24%

Rebar prices in the Kingdom recorded during the month of September a decrease of 13% after the surge it witnessed. Specialists linked the reasons for the decline to a 24% drop in global crude prices, as the price of a ton of iron ore on global stock exchanges was less than $100.

The average prices of construction materials locally in the first seven months of the current Gregorian year 2021 increased compared to the same period last year, with iron coming from the most prominent by 31%, before re-decreasing slightly.

In this report, “Previously” reviews the average iron prices during the past five months of the year 2021, according to the bulletin of the Statistics Authority, as it came as follows: April 3377 riyals per ton, and May 3351 riyals per ton, June was its strongest jump, reaching 3700 riyals, and July 3700, August and August 3,670 riyals, while prices last month touched 3,200 in some companies, down by 13%.

Among the most important reasons for the recent rise in iron prices, the Corona pandemic and the suspension of marine navigation “transportation”, the rise in iron ore, and demand, and one of the most important reasons for the decline in prices at present is the fading of the impact of the pandemic, the return of life relatively to its normal state, the decline in crude prices and the equation of supply and demand.

The International Iron and Steel Organization (World steel) ranked the Kingdom among the 20 largest iron and steel producing countries in the world, as its iron production, according to what was published by the Council of Saudi Chambers, amounted to 8.2 million tons during 2019.

The Council of Chambers affirmed that this global classification reflects the efforts of the leadership and the public and private sectors to develop this industry. Because it is one of the important strategic industries in the Kingdom.

The Council stressed that the iron and steel industry in the Kingdom witnessed a remarkable challenge during the past years, yet it occupied an advanced position after the adoption of the National Iron Committee of the Council of Saudi Chambers as a member of the organization.

Source

decline crude Rebar prices Saudi Arabia drop

 
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