Fastmarkets strengthens Saudi steel scrap price transparency through engagement with National Industrial Development Center

LONDON, Sept. 15, 2026 /PRNewswire/ -- Fastmarkets, a leading cross-commodity price reporting and analytics provider, today announced its stakeholder engagement with the Saudi Arabian government's National Industrial Development Center (NIDC) in connection with the continued development of its existing suite of ferrous scrap price indices in the Kingdom.

The engagement reflects the growing importance of independent and transparent pricing benchmarks as Saudi Arabia expands its industrial base under Vision 2030 and develops increasingly sophisticated domestic commodity markets.

Fastmarkets launched its steel scrap HMS 1&2 index, domestic composite, delivered Saudi Arabia, riyals/tonne price (code MB-STE-0939) in August 2025, following extensive consultation with local market participants, including NIDC.

On July 7, 2026, Fastmarkets expanded its coverage with three regional ferrous scrap indices for HMS 1&2 in Jeddah, Riyadh and the Eastern Province, providing greater visibility into price movements across the Kingdom's major industrial centres. Fastmarkets retains full and independent responsibility for its prices, which are produced in accordance with its published methodologies and established price-reporting standards.

"The introduction of Fastmarkets' Saudi Arabian Steel Scrap Price Index marks an important step toward enhancing market transparency and providing a price reference based on local market data. The index can contribute to improving transaction efficiency and contributes to strengthening local supply chains and enhancing the competitiveness of the Saudi steel sector, in line with the objectives of Saudi Vision 2030," said Matar Al-Harthi, EVP, Minerals and Metals at NIDC.

"Our ongoing dialogue with NIDC represents an important milestone in the continued development of greater price transparency within Saudi Arabia's steel and recycling industries," said Raju Daswani, CEO of Fastmarkets.

"Independent price benchmarks help create the transparency and confidence needed for efficient markets to grow. As Saudi Arabia continues to invest in its industrial base and infrastructure under Vision 2030, reliable pricing references are becoming increasingly important for producers, recyclers, traders, consumers and investors."

"We greatly value NIDC's constructive engagement and the insights we have received from participants across the Saudi market. That consultation helps us understand how these markets are evolving while Fastmarkets maintains full independence over its methodologies and benchmark prices."

Saudi Arabia generates approximately 3.5 million tonnes of steel scrap annually and has around 16 million tonnes of steelmaking capacity, according to industry estimates. Continued investment in industrial development and infrastructure is expected to support long-term demand for steel and raw materials, further increasing the importance of robust market infrastructure and transparent pricing mechanisms.

Fastmarkets' Saudi ferrous scrap indices provide independent pricing references for a broad range of market participants, including steel producers, recyclers, scrap traders, industrial scrap generators, downstream steel buyers, government agencies and international stakeholders active in Saudi Arabia's steel value chain.

The announcement builds on Fastmarkets' continued investment in Middle Eastern metals markets and complements its expanding suite of regional price assessments and benchmarks, including Saudi Arabian CFR steel billet and domestic rebar prices.

Learn more about Fastmarkets' Saudi Arabia ferrous scrap indices by visiting this link.

ABOUT FASTMARKETS 

Fastmarkets is an industry-leading price reporting agency (PRA) and information provider for the agriculture, forest products, metals, carbon and energy transition markets. Its benchmark prices, analytics, forecasts, and insights are critical to customers seeking to trade, manage risk, and understand complex global markets. 

Fastmarkets was founded in 1913, with a heritage dating back to 1865 through several of its acquired brands. Fastmarkets employs more than 700 people worldwide, with offices across Europe, the Americas, and Asia. The company is privately held and backed by Astorg, a leading European private equity firm. 

SOURCE Fastmarkets Global Limited