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Rebar prices surge as Saudi Arabia's mega projects drive market demand

Saudi Arabia's rebar market is experiencing heightened activity as major steel manufacturers, including SABIC, Ittefaq, and Al Rajhi, announce updated prices ranging from 2,330 (USD 621) to 2,400 SAR (USD 640) per ton.

Rebar prices surge as Saudi Arabia's mega projects drive market demand

In a recent update on rebar prices, some of Saudi Arabia's largest steel manufacturers have disclosed their latest rates, reflecting current market dynamics and growing demand. The new prices are as follows:

SABIC, rebar is priced at 2,400 SAR (USD 640) per ton, maintaining its reputation for premium-quality steel products.

Ittefaq Steel announced a slightly lower price of 2,350 SAR (USD 626) per ton, offering competitive rates in the market.

Al Rajhi Steel, positioned as the most cost-effective among the three, their rebar price is set at 2,330 SAR (USD 621) per ton.

The rebar market in Saudi Arabia is witnessing a surge in demand, driven by the activation of mega projects tied to the Kingdom's ambitious development goals under Vision 2030. Key projects, including NEOM, The Red Sea Project, and urban transformation initiatives, are fueling the need for construction materials.

Furthermore, with defined deadlines for Expo 2030 in Riyadh and the FIFA World Cup 2034, there is immense pressure to meet construction timelines. This urgency has spurred a pick-up in the market, as contractors and developers ramp up activities to ensure timely completion of infrastructure and facilities.

These developments highlight the growing importance of steel products in supporting Saudi Arabia's economic diversification and global event readiness. 

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