DJ reported that steel prices in Saudi Arabia are expected to remain stable until the end of this year at least in light of the stability of raw material prices globally.
Mr Mehdi Al Qahtani CEO of Rajhi Steel Industries said that steel prices were low early this year after the global crisis hit all sectors last year they then rebounded after the Q2 to more than SAR 3,000 per tonne due to rising prices of raw materials globally.
He said that steel prices then declined again at the beginning of the third quarter due to stable raw material prices globally and they are expected to continue to stay stable to the end of this year at least.