Riyadh-Property
\nSteel markets have seen a decline in prices during the current period as a result of the slowdown in construction activity in the Kingdom, prompting producers to lower rebar prices in an effort to stimulate the market.
\nSABIC reduced the prices of its rebar products by 200 riyals per metric ton, while other national manufacturers offered distributors preferential prices that were 400 riyals lower compared to prevailing rates, with the aim of boosting sales. As a result, rebar (16\u201332) mm is now sold at 2,400 riyals per metric ton (down from 2,800 riyals) to distributors and 2,650 riyals (down from 2,950 riyals) to consumers.
\nSameh Abdel-Qader, \u00abCEO of one of the national steel mills,\u00bb said: \u00abIt is difficult to move the large stockpiles accumulated in warehouses in a short period of time,\u00bb noting that demand for rebar has fallen by approximately 50 percent since the start of the campaign to rectify labor conditions and the departure of many workers, which has led to the suspension of many projects and, consequently, a decline in demand for rebar. He explained that nearly half of the national factories\u2019 monthly production of 800,000 metric tons is stored in the factories\u2019 own warehouses. Sales, meanwhile, do not exceed approximately 400,000 metric tons, in addition to quantities imported from global markets, which further strain the domestic market. He estimated that the latest shipment imported from several countries (Turkey, the United Arab Emirates, and South Korea) and amounting to 250,000 metric tons, is currently sitting in warehouses due to the difficulty of selling it amid the current slump. He confirmed that domestic factories have reduced their production capacity over the past two months to 60 percent of actual capacity, meaning that 30 percent of production capacity is currently idle. He noted that the significant decline\u2014or severe \u201crecession\u201d\u2014affecting the market is linked to the crackdown led by the Ministry of Labor against workers violating residency and labor regulations, He pointed out that major construction companies have lost a significant portion of their workforce as a result of this enforcement campaign, which has contributed to the suspension of many development projects at present.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>Riyadh\u2014Amlak: Steel markets have seen a decline in prices during the current period as a result of the slowdown in construction activity in the Kingdom, prompting producers to lower rebar prices in an effort to stimulate the market. SABIC has reduced the prices of its rebar products by 200 riyals per metric ton, while other national manufacturers have offered distributors preferential prices that are 400 riyals lower than \u2026 Read more<\/a><\/p>","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[123],"tags":[],"class_list":["post-87367","post","type-post","status-publish","format-standard","hentry","category-building-materials-techniques"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","trp-custom-language-flag":"","event-thumbnail":"","event-medium":"","event-large":"","event-hero":""},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0645\u0648\u0627\u062f \u0648\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0628\u0646\u0627\u0621<\/a>","tag_info":"\u0645\u0648\u0627\u062f \u0648\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0628\u0646\u0627\u0621","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/87367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=87367"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/87367\/revisions"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=87367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=87367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=87367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}