Soon … the launch of the first “scrap iron” prices in the Saudi market

The leading “Fast Markets” platform intends to provide international commodity market data, to launch an indicator of the scrap scrap prices in the Saudi market, in a move that is the first of its kind for the local market.
According to the platform statement on its official website, “This first initiative of its kind represents a prominent achievement in the global mineral sector, as it provides a transparent and reliable price standard for the scrap of steel in Saudi Arabia. It contributes to bridging the long -term information gap in the market, which enables participants in this sector to use improved tools for commercial transactions, risk management and understanding market movements.”

Week updates

The index is scheduled to deploy the prices of scrap iron and the updated steel scrap in Saudi Arabia on a weekly basis, and it directly draws its information from the prices of traders in the Saudi market, and the Gulf Cooperation Council countries and abroad.
The index, which uses the weighted weight models of Fast Markets, will include the prices of heavy steel scrap (HMS 1 & 2) in the main markets in the east, central and western Saudi Arabia, and this leads to the production of a complex index in rural for the price of a delivery on the basis of delivery.

Prices by region

In addition to the Saudi public index, Fast Markets will also calculate local scrap prices in the markets in the eastern, central and western regions of Saudi Arabia. These prices for each region will be included in its periodic market reports.
This weekly indicator aims to provide more clarity and enable dealers to make informed decisions through a series of crucifixion value in Saudi Arabia.
The launch of this indicator comes after the company launched the Saudi index for the import price of the hot steel coils in 2014, and the Saudi local price of armament iron index in October 2023.
“The launch of this new and strongly required indicator in Saudi Arabia confirms our commitment to providing practical information to enable the markets,” said Li Allen, the editor of the strategic markets in the recycled mineral department in Fast Markets.
By establishing a reliable reference for steel scrap prices specifically designed for the Kingdom of Saudi Arabia, we can facilitate the business of companies in the era of unprecedented industrial transformation in the Kingdom.
The launch of this platform comes within the framework of support in Saudi Arabia and its ambitious, ambitious, steel projects.
These include projects, square, and Red Sea project.
These projects are essential components of the Kingdom of Saudi Arabia 2030, and they are an ambitious plan for the Kingdom to diversify its economy and reduce their dependence on oil through huge investments, reform and innovation.