#Saudi Arabia #Riyadh #Fastmarkets #Steel Scrap

Fastmarkets Unveils Historic Steel Scrap Price Index for Saudi Arabia

On August 5, 2025, Fastmarkets, a prominent data provider in global commodity markets, proudly announced the launch of the first steel scrap price index specifically tailored for the Saudi Arabian market. This groundbreaking initiative aims to fill a significant gap in the metals industry by offering a transparent and reliable price reference for scrap steel within the country.

The introduction of this index is set to enhance trading activities, risk management, and market understanding for stakeholders operating in Saudi Arabia and the wider Gulf Cooperation Council (GCC) region. Fastmarkets anticipates that such tools will facilitate transactions amidst the vibrant industrial growth and mega projects occurring in the region.

The newly established index will be published weekly and aims to directly address the demand for an independent pricing benchmark from market participants. The index is especially pertinent in light of Saudi Arabia's ambitious Vision 2030 plan, which seeks to diversify the country’s economy away from oil dependency through massive investments, reforms, and innovations. Key projects, including NEOM City, the Mukaab skyscraper, and the Red Sea Project, showcase the need for reliable pricing mechanisms that support these large-scale developments.

By utilizing its exclusive tonnage-weighted calculation models, Fastmarkets will integrate prices from various regions of Saudi Arabia, including the East, Central, and West markets, to formulate a composite price index denominated in Saudi Riyals per metric tonne delivered. This structured approach aims to provide stakeholders within the steel scrap value chain a clear picture of market dynamics, fostering well-informed decision-making.

In addition to the national index, Fastmarkets will also provide regional scrap prices for the primary markets in Saudi Arabia, with regular market reports detailing these prices. Lee Allen, the Editor of Strategic Markets for Recycled Metals at Fastmarkets, articulated the firm's commitment to delivering actionable insights that elevate industry standards: "The launch of this highly anticipated index confirms our dedication to providing information that empowers markets. Creating a reliable price reference for Saudi scrap steel will aid companies in thriving amidst unprecedented industrial transformation within the Kingdom."

This launch surfaces at a pivotal moment for the region's steel sector as Saudi Arabia emerges as a hub of economic expansion and development. Accurate and independent pricing will be essential in supporting multi-billion-dollar investments directed at infrastructures, technology, and innovation.

Fastmarkets’ newly introduced steel scrap index builds upon its previous endeavors, including the launch of an import price for hot rolled coils (HRC) in Saudi Arabia back in 2014, as well as an internal price index for rebar introduced in October 2023.

Furthermore, industry professionals are encouraged to participate in the upcoming Middle East Iron and Steel Conference, scheduled for November 17-19, which will serve as a vital platform to explore emerging opportunities and the role of initiatives like the Saudi scrap index in shaping future regional and global markets.

To learn more about how Fastmarkets can assist your company, please reach out via email at [email protected].

About Fastmarkets

Fastmarkets is a leading price reporting agency (PRA) and information provider serving multiple markets including agriculture, forestry, metals, carbon, and commodities related to the energy transition. With expertise that dates back to 1865, Fastmarkets offers clients benchmark pricing, assessments, forecasts, analyses, news, and events that are crucial for navigating often opaque market conditions. The firm, which employs over 850 professionals globally, continues to inspire trust and reliability in its services.

For more details about Fastmarkets, visit their website or follow them on various social media platforms.