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.
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.