Saudi Arabia: Prices of imported steel down
The Saudi Ministry of Commerce and Industry on Wednesday announced the new prices of imported steel. The price of steel from Qatar was cut by SR370 riyals, the Chinese by SR 100, and Turkish by SR 50. Thus, the price of steel from Qatar and Turkey amounts to SR 2850, and the Chinese irion costs SR2800. The locally produced steel (made by SABIC - Al Rajhi - Itifaq), is fixed at SR2900 while Yamamah steel costs SR2965 .
In a statement, the Assistant Undersecretary for Consumer Affairs at the Ministry of Commerce and Industry Saleh Khalil, said the reduction of the new imported steel will be applied as of today, pointing out that this reduction was the result of the efforts of the Ministry, which responded to the Saudi Company for Building Materials (the kingdom's most important supplier of imported reinforced steel.
The steel prices have seen big rises this year, which led the Ministry of Commerce to make a decision to compel all companies and distributors of concrete and steel to adhere to the prices announced on its official website.