Riyadh-Amlak
Steel prices continued to decline in the local market, after the completion of a large percentage of 60% of the infrastructure of development projects in the Kingdom, which contributed significantly during the current month of April to reduce the level of demand for it.
A number of specialists, investors and workers in the local market pointed out that the decrease in prices came as a result of the completion of most of the structures of projects in the boring areas, especially the western region, which led to a lack of demand by those involved in the implementation of these government projects, which reduced the demand for steel and led to high rates of They pointed out that the decline prompted the producers of iron in the Kingdom to reduce their prices, in an attempt to correct the accumulation of stocks in light of the lack of demand against an increase in supply in the best for other factors that contributed to this shortage, and to reduce the prices of SABIC and Al Rajhi, the most important manufacturers in the Kingdom for iron.
For his part, Abdullah Radwan, Chairman of the Contractors Committee at the Jeddah Chamber, said: The decrease in the prices of steel in particular and building materials in general has many reasons, the most important of which is the decrease in demand in light of the completion of 50-60% of the infrastructure for development projects in the Kingdom, especially in the western region, in addition to the increase in the production of steel in the Kingdom compared to previous years, and the correction of the situation of workers in the contracting sector came to the lack of labor, which created savings in production.

Regarding the decrease in steel prices, Radwan added: Iron was previously scarce in the market, especially in the past years, in light of the increase in projects and the high demand for iron and other building materials, which raised its prices, and production was small, and contractors suffered, which called for the intervention of the Custodian of the Two Holy Mosques, and the increase in projects and the need for iron led to the emergence of other producers other than SABIC and Rajhi, and with the beginning of this year the number of producers was increasing, and this coincided with the near completion of projects and the decrease in demand for iron.

For his part, one of the investors in the field of steel, said that the prices are currently the real prices; the construction market has witnessed a decline in prices and a decrease in demand with an abundance of supply. He pointed out that the return of iron prices in particular had many reasons; as most projects have completed the construction of structures that need iron in all their details, which led to a decline in demand for iron; as most projects are close to completion, expecting a large surplus in light of the increasing supply in the market from local and imported production.

An investor in the field of iron said that the current prices are the real prices; as the construction market has witnessed a decline in prices and a decrease in demand with an abundance of supply.