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.