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Saudi Arabia's General Authority for Statistics (GSTAT) released the fourth quarter 2023 price trends for five key construction inputs.
The average price of iron in the Kingdom dropped by 14.2 percent to 2,900.54 Saudi riyals per tonne in the fourth quarter compared to SAR3,378.89 per tonne in the year-earlier period.
Average ready-mix concrete prices declined 5.5 percent year-on-year to SAR 195.61 per cubic metre.
Average timber prices fell 5.1 percent to SAR3,546.05 per cubic metre in the three-month period ended 31 December 2023, compared to SAR3,734.81 per cubic metre a year earlier.
Meanwhile, average cabling prices rose 1.1 percent year-on-year to SAR 48.54 per metre.
Average cement price gained 1.1 percent to SAR13.91 per 50kg bag in the fourth quarter of 2023, compared to 13.75 per 50kg bag a year ago.
In November 2023, Zakaria Abdul Qadir, Chairman of the Saudi Contractors’ Authority (DCA), said the Kingdom’s construction sector, the largest in the Middle East, has grown by an average of four percent annually over the past five years and is expected to peak at SAR275 billion in 2024.
Read More:
Saudi material cost trends: Q3 2023
Saudi material cost trends: Q2 2023
Saudi material cost trends: Q1 2023
Saudi material cost trends: Q4 2022
Saudi material cost trends: Q3 2022
Saudi material cost trends: Q2 2022
(Writing by D Madhura; Editing by Anoop Menon)
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