The rebar market in the Kingdom of Saudi Arabia witnessed a decline in prices during the first half of 2024 compared to the same period in 2023. The average price of rebar during the first half of the current year reached 2,885.04 riyals, a decline of 6.9% from the average of the first half of 2023, which stood at 3,099.34 riyals.

The average prices in January were the lowest at 2,878.09 riyals, a decrease of 12.5% compared to the prices of January 2023. However, the prices in June were the largest at 2,891.46 riyals, an increase of 0.1% over the same month in 2023.

The decline in rebar prices in Saudi Arabia during the first half of 2024 can be attributed to various factors, including global supply chain disruptions, raw material cost fluctuations, and the overall economic conditions. Despite these challenges, the Saudi steel industry has remained resilient, with companies like Hadeed maintaining stable pricing to provide certainty and reliability to their customers.

As construction activity continues to drive demand for steel products in the Kingdom, the industry is expected to navigate the current market conditions and contribute to the long-term growth and development of the Saudi economy.