In a noteworthy economic development, iron prices in the Saudi Arabia have continued their upward climb, reaching the highest level in the past five months by the close of October. According to the latest data from monitoring entity "Mashr," based on the General Authority for Statistics, the average iron price surged to 2900.53 riyals (773 USD) per ton, showcasing a substantial increase compared to the previous month's average of 2887.52(770 USD) riyals per ton in June 2023. This surge is particularly significant, especially when contrasted with the lowest level recorded in July, standing at 2874.45 riyals (766 USD) per ton, the lowest in 37 months (more than 3 years) since June 2020 when it was 2574.39 riyals (686 USD) per ton.
The trajectory of iron prices in recent months reveals a fluctuating pattern, with averages at 2887.52 riyals in June 2023, 3005.56 riyals in May, 3308 riyals (882 USD)in April, 3132.27 riyals (835 USD) in March, 3177.95 riyals (847 USD) in February, and 3287.53 riyals (876 USD) at the end of last January.
On an annual basis, the iron price experienced a notable decrease of 14.8%, amounting to 505.58 riyals (134.80 USD) during October 2023 compared to the same month in 2022, when it was priced at 3,406.11 riyals (908.14 USD).
Since the beginning of 2023, there has been an overall decrease in the average price of iron in the Saudi Arabia, amounting to 427.23 riyals (114 USD), reflecting a 12.8% reduction by the end of October compared to its price at the end of 2022, which stood at 3327.76 riyals (887 USD).
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