Saudi Arabia increased scrap prices as of 5 November. The move is seen as part of the country's efforts to support local production and align with its Vision 2030 strategy, which aims to diversify the economy and strengthen manufacturing.
The scrap price hike also reflected a broader regional trend, with other Gulf countries increasingly interested in increasing their steel production to meet both domestic and international needs.
Steel mills in Saudi Arabia announced a SAR 50 per tonne increase in scrap prices as of 5 November. The new prices were set at SAR 1,500 per tonne for HMS 1/2 (80:20), SAR 1,555 per tonne for shredded scrap and SAR 1,560 per tonne for premium scrap. This increase in raw material prices may affect not only the local market but also the global trade, leading major producers such as Al Ittefaq and Al Rajhi to reassess their pricing strategies.
Comments
No comment yet.