Steel prices in Saudi Arabia surged by nearly 15.5 percent in the first quarter of 2021 compared with the fourth quarter of 2020 following an improvement in oil prices and the Kingdom’s economic performance, according to an official report.
 
Steel prices in the world’s largest oil exporter swelled to nearly 3,473 Saudi riyals ($926) per tonne in the first quarter of this year from nearly 3,006 riyals ($801.6) in the fourth quarter of 2020, Saudi General Statistics Authority said in a report.
 
In March, steel prices soared by around 27.7 percent compared with March 2020, showed the report which attributed the rise to a business upturn in the Kingdom.
 
In a report published in early April, the Riyadh-based Jadwa Investment Co, a key Saudi financial consultancy firm, projected the Kingdom’s real GDP to rebound by nearly 3.4 percent in 2021 due to higher oil prices and production after it slumped by around 3.6 percent in 2020 because of low crude prices and the spread of Corona virus.
 
(Writing by Nadim Kawach; Editing by Anoop Menon)
 
 
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