10,058.63 TRY BIST 100 BIST 100
4.83 CNY CNY CNY
34.92 USD USD USD
36.59 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.44 TRY Interest Interest
73.39 USD Fossil Oil Fossil Oil
30.95 USD Silver Silver
4.23 USD Copper Copper
104.37 USD Iron Ore Iron Ore
348.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,688.81 TRY Gold (gr) Gold (gr)

Saudi Arabia raises scrap prices

Saudi Arabia has recently raised scrap metal prices, signalling increased demand for raw materials in the steel industry in the region.

Saudi Arabia raises scrap prices

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.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

JSW Steel's crude steel output up, profit down

Wednesday, December 11, 2024

ArcelorMittal decreases production activities at its Romanian plant

Thursday, December 12, 2024

Kardemir increases its billet prices

Friday, December 13, 2024

Global steel market braces for impact as China targets Middle East

Friday, December 13, 2024

Iran's steel industry showed signs of recovery in October

Friday, December 13, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now