London – September 17, 2026 -- Fastmarkets has confirmed ongoing stakeholder engagement with Saudi Arabia's National Industrial Development Center (NIDC) to further develop its ferrous scrap price indices in the Kingdom, as the country builds out its steel and recycling infrastructure under Vision 2030.
Fastmarkets launched its first Saudi scrap benchmark in August 2025
The price reporting agency introduced its steel scrap HMS 1&2 index, domestic composite, delivered Saudi Arabia, riyals/tonne (code MB-STE-0939), in August 2025 following consultation with local market participants, including NIDC.
Coverage expanded to three regional indices in July 2026
On July 7, 2026, Fastmarkets added regional HMS 1&2 ferrous scrap indices for Jeddah, Riyadh and the Eastern Province, giving traders and producers visibility into price divergence across the Kingdom's main industrial hubs. Fastmarkets said it retains full and independent responsibility for the prices, produced according to its published methodologies.
NIDC executive links the index to Vision 2030 competitiveness goals
Matar Al-Harthi, EVP, Minerals and Metals at NIDC, said the Saudi Arabian Steel Scrap Price Index improves transaction efficiency and strengthens local supply chains, supporting the competitiveness of the Saudi steel sector in line with Vision 2030 objectives.
Saudi Arabia generates 3.5 million tonnes of scrap against 16 million tonnes of steel capacity
The Kingdom produces approximately 3.5 million tonnes of steel scrap annually and holds around 16 million tonnes of steelmaking capacity, according to industry estimates cited by Fastmarkets. Continued industrial and infrastructure investment is expected to sustain long-term demand for steel and raw materials.
Raju Daswani, CEO of Fastmarkets, said independent price benchmarks create the transparency needed for efficient market growth, adding that dialogue with NIDC helps the company understand how the Saudi market is evolving while it maintains full independence over its methodologies and benchmark prices.
Indices target producers, recyclers, traders and government agencies
Fastmarkets said its Saudi ferrous scrap indices serve steel producers, recyclers, scrap traders, industrial scrap generators, downstream steel buyers, government agencies and international stakeholders in the Kingdom's steel value chain. The move builds on Fastmarkets' broader Middle East metals coverage, which includes Saudi Arabian CFR steel billet and domestic rebar price assessments.