The average price of iron in Saudi Arabia declined 3.51 percent to 3,538.5 Saudi riyals per tonne in the third quarter of 2022, compared to 3,665.12 riyals per tonne in the same period of 2021, according to the latest General Authority for Statistics report.
On the other hand, average ready-mix concrete prices rose marginally year-on-year to 207.24 riyals per cubic metre.
Cement price, on average, fell nearly one percent to 13.80 riyals per 50 kg bag in the third quarter of 2022 compared to 13.91 per 50 kg bag for the same period last year.
Average timber prices rose to 3,651.75 riyals per cubic metre (+10.8%) and 49.85 riyals per metre (+8.7%), respectively.
For Saudi material cost trends in Q2 2022, please click here:
Saudi Arabia’s construction sector jumped nearly 8.8 percent in the second quarter of 2022 to reach 28.5 billion Saudi riyals ($7.6 billion), making 4.18 percent of the Kingdom’s GDP and 10.1 percent of the non-oil GDP in the same period, Arabic language daily Aliqitisadia reported, citing government data.
(Writing by D Madhura; Editing by Anoop Menon)