Fastmarkets deepens collaboration with Saudi NIDC on steel scrap pricing

The partnership marks a shift toward standardized market infrastructure in the region. Fastmarkets first introduced its domestic HMS 1&2 index in August 2025, followed by the launch of regional indices for Jeddah, Riyadh, and the Eastern Province in July 2026. These metrics provide localized visibility into price movements, moving away from opaque trading habits toward a system designed for institutional and private investors alike.

Matar Al-Harthi, EVP of Minerals and Metals at NIDC, noted that these indices are vital for improving transaction efficiency and bolstering the competitiveness of local supply chains. By establishing reliable reference points, the Kingdom seeks to support its 16 million tonnes of steelmaking capacity with data-backed market confidence. Fastmarkets CEO Raju Daswani emphasized that while the agency maintains full editorial independence over its methodologies, the ongoing dialogue with Saudi officials ensures the indices reflect the specific evolution of the local recycling and steel markets.