Average price of steel in Saudi Arabia up for 19 consecutive months in January

The average price of steel in Saudi market maintained its upward trend in January 2022 and rose for the 19^th month in a row YoY. However, this rise was the slowest over the same period. On a monthly basis, the average price up for the third month in a row.

Meanwhile, the average price of cement in Saudi Arabia dropped in January for the seventh month in a row YoY, while, it rose on a monthly basis last month after declining for six consecutive months.

According to data collected by “Maaal” based on official monthly figures, the per-tonne average price of steel hiked by 0.004% to SAR 3,579 in January from SAR 3,578 per tonne in December 2021 comparing with a rise of 0.7% from SAR 3,558 in January 2021, which means the slowest hike over a period of 19 months, since June 2020, when it declined 5.1%.

The per-tonne average price of iron ore hiked by 9.1% to $131.15 in January 2022 from $120.2 in December 2021, the second hike in a row on a monthly basis. On a yearly basis, it dropped by 22% from its 2021 January average price of $168.17.

Cement prices down for 7 consecutive months      

For the 7^th month in a row, the average price of 50-kilogram cement bag in Saudi market maintained its downtrend YoY to reach SAR 13.67 in January 2022. On a monthly basis, the average price of 50-kilogram cement bag rose for the first time in 7 months comparing with SAR 13.65 in December 2021 which was the lowest price since June 2020.

Furthermore, cement sales of the all 17 companies in KSA maintained its downtrend in January 2022 declining 5.66% (for the 8^th month in a row) YoY. The cement sales in the local market last January is the highest since March 2021 when it reached a record of 5.66 million tonnes.