Saudi Min Sees Local Cement Prices Stabilizing - Report

BEIRUT (Zawya Dow Jones)--Saudi Arabia's commerce and industry ministry said cement prices will stabilize in coming days as local suppliers have intensified deliveries, Jeddah-based Okaz daily reports Saturday.

A ministry official in Jeddah said, according to the paper, that one bag of cement is now being sold at a price of 14 Saudi riyals ($3.73) set by the ministry. Prices are expected to drop further in coming days if cement supplies continue at the current pace, the unnamed official added.

The market price of one bag of cement hit SAR20 in the kingdom's western region mainly due to workers' strikes in some cement factories, the paper reports citing people familiar with the matter.