Steel
prices in Saudi Arabia fell for the third consecutive month in July after
climbing to one of their highest levels in April, according to official
data.
From
around 4,292 Saudi riyals ($1,145) in April, the price slumped to nearly 3,802
riyals ($1,14) per tonne in July, showed the figures by the Central Statistics
Authority.
Prices
per tonne stood at around 3,939 riyals ($1,50) in June and nearly 4,278 riyals
($1,141), the report showed.
A
breakdown showed steel prices in the world’s largest oil exporter hit their
highest ever level of around 4890 riyals ($1,304) per tonne in Dec 2008.
Saudi
Arabia, which controls the world’s second largest crude deposits, has been
locked in one of its biggest project drive since the oil boom of late 1970s as
part of “Vision2030” which aims to ease reliance on volatile oil export
earnings.