Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi - Iron market revives after stagnation  Join our daily free Newsletter

MENAFN - Arab News - 18/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) The local iron market has been revived after its temporary stagnation which resulted from the correction period and the subsequent delays of some projects.
According to workers in the sector, demand has recovered to its natural levels because of the huge demand of government projects that monopolizes 70 percent of the sector, while the private sector has only 30 percent.
Optimism prevailed among the iron distributors after assurances that the coming year will witness strong demand for iron in light of the mega government projects, including the expansions of the two holy mosques.
Distributors said imported iron will be exiting the local market because of the gap in prices in comparison with local iron, which does not exceed SR150 per ton. People prefer local iron because of its high quality, they pointed out.
Ayman Qsaibat, an approved iron distributor said local factories have large quantities of stored iron but distributors and merchants have normal stocks.
In the past merchants used to store iron to avoid crises and scarcity that sometimes take place in the market, but this year the market is filled with imported and local iron.
"Demand is good now, especially since there are abundant projects, however demand is light in private construction because people are affected by rumors, and are waiting for prices to go down, but the market situation is stable," said Qsaibat.
"The rate of public projects' demand for iron is 70 percent while those of the private sector reach 30 percent. Prices are stable, for instance a size 16 mm Sabik ton is sold for SR2,735, while Al-Itifaq sells a ton for SR2,700," he added.
Another iron distributor expected imported iron to leave the market soon, justifying his expectations by saying the price of the national product is very close to that of the imported iron with a difference of SR150 only, while with a difference of SR300 people prefer national product for its high quality."

 


Arab News




  MENA News Headlines
 Dec 20 2014 - Etihad has no further A380 orders, Boeing 787 delayedMENAFN
(MENAFN) Etihad Airways is not interested in ordering any more Airbus A380s, while the launch of its first Boeing 787-9 Dreamliner into service has been delayed, Gulf News reported.The Dreamliner ...

 Dec 20 2014 - Saudi rail expansion contributes to domestic tourismMENAFN
(MENAFN) Saudi Railways Organization (SRO) President has lauded the efforts of Saudi Commission for Tourism and Antiquities (SCTA) in developing the tourism sector and preserving national heritage, ...

 Dec 20 2014 - Tunisia, Germany sign USD55.21m loan agreementMENAFN
(MENAFN) Tunisia and Germany have signed a loan agreement worth USD55.21 million for the modernization of more than 300 educational institutions in the different regions of the country, QNA ...

 Dec 20 2014 - Qatar- Magnificent Mirza wins stage 2The Peninsula
(MENAFN - The Peninsula) Overnight leader Azzedine Lagab yesterday retained his position at the Tour of Zubarah where defending champion Yusif Mirza of the UAE produced a late burst to win stage ...

 Dec 20 2014 - Aishwarya to make comeback with JazbaaKhaleej Times
(MENAFN - Khaleej Times) Jazbaa is a contemporary thriller set in modern-day Mumbai. Los Angeles - Former Miss World and popular Bollywood actress Aishwarya Rai Bachchan will make her comeback with ...

 Dec 20 2014 - UAE- Srikanth looks to change strategy for next two tiesKhaleej Times
(MENAFN - Khaleej Times) Indian star Kidambi Srikanth set to play Sugiarto and Jorgensen in Dubai event.Kidambi Srikanth faltered in the first set but made a strong comeback against Kento Momoto on ...

 Dec 20 2014 - UAE- Aussie rookie makes an early impactKhaleej Times
(MENAFN - Khaleej Times) Cannon makes statement for Mena Golf Tour with a steady performance at the Dubai Open. Chris Cannon was playing for the first time in an asian tour event Dubai — An ...

 Dec 20 2014 - UAE- Chen and Saina cruiseKhaleej Times
(MENAFN - Khaleej Times) South Koreas Bae shocks Chinese No.Saina Nehwal of India in action against Sung Ji Hyun of South Korea at the BWF Destination Dubai World Superseries Finals on Thursday. ...

 Dec 20 2014 - UAE- Teary-eyed for 132 dreams lostKhaleej Times
(MENAFN - Khaleej Times) Pak ambassador condemns Taleban for using Islams cover to justify massacre Abu Dhabi: The Pakistani community in Abu Dhabi gathered at the embassy on Thursday morning to ...

 Dec 20 2014 - IT teacher steals students iPad sells it onlineKhaleej Times
(MENAFN - Khaleej Times) The teachers theft was allegedly busted after she posted an advertisement on a popular website to sell the iPad. Dubai: An Information Technology (IT) teacher is standing ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help