Steel prices in Saudi Arabia dipped by nearly 18.6 percent in 2023 despite a continuous upturn in projects within the Kingdom’s Vision 2030 economic diversification scheme, according to a government report.
From around 3681.7 Saudi riyals ($981.8) in 2022, the price dropped to nearly SAR2,995.5 ($798.8) per tonne, showed the Industry and Mineral Resources Ministry report.
The report, published by Al-Madina newspaper on Monday, did not mention reason for the decline but industry sources have previously cited higher local production.
After an increase of four successive months, steel prices declined by around 13 percent in December, the report said.
A senior Saudi official said in late 2023 that the world’s largest oil exporter is investing nearly $12 billion to boost steel and metal production.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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