The average price of iron in Saudi Arabia declined by 28 percent to 3,001.79 Saudi riyals per tonne in the second quarter of 2023 from SAR4,169.87 per tonne in the year-earlier period, according to the country’s General Authority for Statistics.

Iron prices – Q2 2023 v/s Q2 2022

Average ready-mix concrete prices slipped 1.54 percent year-on-year to 203.85 riyals per cubic metre.

Ready-mix concrete prices – Q2 2023 v/s Q2 2022 

Average timber prices fell 3.4 percent to 3,579.21 riyals per cubic metre in the three-month period ended June 30, 2023, compared to 3,705.63 riyals per cubic metre a year earlier.

Timber prices – Q2 2023 v/s Q2 2022 

On the other hand, the average cement price rose 2.3 percent to 14.08 riyals per 50 kg bag in the second quarter of 2023, compared to 13.79 per 50 kg bag for the same period last year.

Cement prices – Q2 2023 v/s Q2 2022 

Cabling prices gained 3.51 percent year-on-year to 47.99 riyals per metre.

Cabling prices – Q2 2023 v/s Q2 2022

GCC project awards surged 86 percent in second quarter 2023 to reach $49.7 billion compared to $26.7 billion in awards during second quarter 2022, underlining the determination of the regional countries to execute and reach their diversification targets, according to Kuwait-based Kamco Invest. Saudi Arabia alone accounted over 49.1 percent of the contracts awarded in the GCC region during the second quarter of this year.

Read More:

Saudi material cost trends: Q1 2023

Saudi material cost trends: Q4 2022

Saudi material cost trends: Q3 2022

Saudi material cost trends: Q2 2022

(Writing by D Madhura; Editing by Anoop Menon)