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Saudi Arabia: Rebar touches 3000 riyals and rises to the highest level in 6 years

The average prices of some construction materials in the Kingdom recorded a remarkable increase in July, especially iron and cement prices, in conjunction with the increase in the value-added tax rate from 5% to 15%.

The average price of rebar/tonne reached 2,947.69 riyals, which is the highest since April 2014, after it recorded 2,971.2 riyals/tonne, which means it reached the highest level in six years and three months to 3000 riyals.

The price has increased since the beginning of 2020 by 19.4%, equivalent to 478.12 riyals/tonne. And the rebar 6 mm national price/tonne rose by 8.16% to reach the level of 3643.77 riyals/tonne, an increase of 274.97 riyals/tonne compared to the same month last year during which it amounted to 3368.8 riyals/tonne.

Each of the national 12 mm and the national 10mm increase during the last month on an annual basis of 11.71% respectively, to reach 2757.37 riyals and 2997.37 riyals respectively.

Every month, steel prices witnessed noticeable increases ranging from 12.3% to 20.9% /tonne.

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Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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