Engineer Sha'il Al-Ayed, Chairman of the National Steel Committee of the Saudi Chambers, confirmed that what was reported in some media outlets about the intention of steel companies to raise prices is not true, stressing that prices are a private matter for each company, and the determination of the price is subject to market factors in terms of supply and demand, and that this does not fall within the work and jurisdiction of the committee.

Some media outlets reported a statement by the Chairman of the National Steel Committee of the Saudi Chambers.

Some media outlets had reported a statement by the head of the National Steel Committee of the Saudi Chambers that steel companies in Saudi Arabia are considering raising the prices of reinforced steel by up to 10%.

Some media outlets reported a statement by the head of the National Steel Committee of the Saudi Chambers. Meanwhile, the Competition Council yesterday warned steel companies in Saudi Arabia against agreeing to raise prices, stressing that if the agreement to raise prices is proven, these companies will be penalized with penalties of up to 10% of the total value of sales, and total fines that may reach hundreds of millions of riyals.