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Saudi Arabia's General Authority for Statistics (GASTAT) has released the first quarter 2024 price trends for five key construction inputs.
The average price of iron in the Kingdom fell by 9.83 percent to 2,882.43 Saudi riyals ($768.53) per tonne in the first quarter of 2024, compared to SAR 3,196.88 per tonne a year ago.
Average ready-mix concrete prices declined 2.5 percent year-on-year to SAR 200.30 per cubic metre.
Average timber prices fell 2.23 percent to SAR 3,611.80 per cubic metre in the three-month period ended 31 March 2024, compared to SAR 3,694.30 per cubic metre a year earlier.
Meanwhile, average cabling prices rose 2.58 percent annually to SAR 49.26 per metre.
Average cement price rose 1.21 percent to SAR 14.13 per 50kg bag in the first quarter of 2024, compared to SAR 13.96 per 50 kg bag a year ago.
Saudi Arabia expects to award construction projects worth nearly $1.8 trillion in the next few years as part of its Vision 2030 economic diversification scheme, Investment Minister Khalid Al-Falih told the Saudi news channel Alarabiya in February.
Read More:
Saudi material cost trends: Q4 2023
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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