Saudi Arabia Introduces Scrap Steel Indicators
Fastmarkets, in coordination with the National Industrial Development Center in Saudi Arabia, has launched benchmark indicators for scrap iron and steel prices based on local market data, aiming to enhance transparency and efficiency in the sector. This initiative comes in response to estimates indicating that the scrap iron market in the kingdom reaches approximately 3.5 million tons annually, while the production capacity of steel factories is around 16 million tons per year. The price of scrap iron and steel in the Saudi market was recorded at 1,826 riyals per ton, excluding VAT, on September 8, 2026, accompanied by regional insights through indicators specific to the Eastern Province, Riyadh, and the Western Province, to support decision-making and help achieve Saudi Vision 2030 goals.
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