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Al-Marsad newspaper: The national iron factories announced a reduction in the prices of their products by 50-150 riyals per ton, as of Saturday before last, to range between 3300-3850 riyals, compared to 3400-3950 riyals per ton “without value added tax.”

Certified distributors in the Eastern Province said, according to the newspaper, “Al-Youm”, that the manufacturers of national steel have notified all distributors of the adoption of the new price lists, noting that the decrease comes following an increase during the last period that exceeded the barrier of 500 riyals per ton.

Reason for price cut

They added that the decision to reduce rebar prices coincides with the approach of the summer season, as the construction movement declines with the rise in temperatures, which is reflected in the movement of demand for iron in various regions of the Kingdom, noting that iron factories are trying to motivate traders to withdraw large quantities with Edit price lists.

They pointed out that the decision to reduce the prices of rebar is a motivating step in light of the continuous rises during the last period, noting that iron factories raised the prices of their products twice last March, ranging from 450 riyals to 800 riyals per ton, as the increase amounted in the first time. 200 riyals per ton, while the second increase amounted to 600 riyals per ton in one go.

One of the companies set prices of 3700 riyals, compared to 3850 riyals per ton for size 8 mm, 3850 riyals, compared to 3950 riyals per ton for sizes 10 mm, 3300 riyals, compared to 3400 riyals per ton for sizes (12-14-16 mm), and 3400 riyals compared to 3450 riyals per ton for sizes (12-14-). 16 mm) for one of the major in the market. Sources related to the iron industry estimated that the production capacity of the national factories ranged between 7-8 million tons annually, while the local consumption was between 9-10 million tons annually, stressing that the national factories are currently operating at maximum capacity, as a result of the increasing demand in local markets.