In a surprising turn of events, rebar prices in the Saudi Arabia have experienced a substantial decline, marking a departure from the recent upward trend.
The lowest decline was observed in the price of 8 mm national rebar, plummeting by 14.5%. From 3212.92 riyals in January 2023, it now stands at 2747.05 riyals in January 2024, resulting in a difference of 466 riyals.
According to the Saudi Contractors Authority, the average rebar price decline throughout the year was 12.45%. This translates to a drop from 3287.43 riyals to 2878.09 riyals, with a price difference of 409 riyals compared to last year’s average.
Industry experts speculate that global market dynamics, supply chain disruptions, and shifts in demand are contributing factors to this unexpected trend.
*1.000 USD = 3.751 SAR*
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