Steel prices in Saudi Arabia experienced a strong upward surge this month after a government decision to pay construction sector dues, reported Reuters, citing a local newspaper.
Prices for steel from different manufacturers reportedly went up by as much as 20% in the case of a kind of steel produced by industrial giant Sabic, and around 5% for steel by some other manufacturers. This refers to the period between the beginning and the end of November.
Previously, steel prices took a sharp drop after the crisis in Saudi Arabia’s construction sector. Recently, however, the Saudi government decided to pay its dues to contractors by year’s end, now possibly leading to a surge in prices since many stalled projects are likely to be continued.