Scrap price in Saudi Arab surge by 8%
According to a report published in the Arabic daily Al Eqtesadyiah, the price of scrap iron in Saudi Arabia has jumped by SAR 100 a tonne or 8.33% from SAR 1,200 per tonne to SAR 1,300 per tonne in the beginning of 2008.
Scrap iron dealers are expecting a big jump in the price of iron during the next 3 years. Traders expect that Saudi's consumption of iron and steel during the next 3 years would exceed more than 36 million tonnes. The volume of consumption during the last 3 years was 23 million tonnes. However, investors emphasized that scrap iron prices in the kingdom are always low compared to prices in the International Iron Stock Exchange.
Industry analysts also forecast an increase in rebar demand in the local market by more than 10% during the current year.
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