Steel prices in Saudi Arabia have soared to their highest level in nearly 12 years as the Kingdom is pushing ahead with mega projects within its “Vision2030” economic diversification scheme, according to official data. 

The price of one ton of steel hit around 3,558 Saudi riyals ($948.8) at the end of January, its highest level since September 2008, when it stood at 4,890 riyals ($1,304), showed the figures released by the General Statistics Authority on Wednesday. 

Year-on-year prices leapt by around 40 percent from their January 2019 level of nearly 2,550 riyals ($680), the report showed. 

On a monthly basis, the prices were higher by nearly 18 percent from their December level of around 3,006 riyals ($802), it said. 

Saudi Arabia, which controls the world’s second largest crude deposits, has been locked in one of its biggest project drive since the oil boom of late 1970s as part of “Vision2030” which is intended to ease reliance on volatile oil export earnings. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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