This Week’s Cost Intelligence
To help our clients and partners make faster, better-informed decisions, we developed the Stonehaven Cost Index, a clear, data-driven view of the cost movements shaping the construction market each week.
Our cost management team distils real-time changes into practical insight, so you can anticipate pressure before it hits your budgets.
Key Takeaways For Your Projects This Week
-
Steel: ▲ 2.48% WoW – moderate upward pressure on structural frames, rebar, fabricated packages and plate works; back as a key short-term cost driver.
-
Aluminium: ▲ 3.32% – highest riser, sustaining cost pressure on façades, cladding, curtain walling and lightweight structural systems.
-
Titanium: ▼2.17% - with the largest weekly decline easing cost pressure on specialist alloys and high-performance applications used in industrial and MEP-related components.
-
Foreign Exchange: AED and SAR remain stable against the USD, with minimal movement against other major currencies; as most construction inputs are USD-denominated, FX conditions remain neutral with no material impact on project costs.
This Week's Market Movers
Material Movement This Week
*Rates as of 13th January 2026
Material of the Week
*Rates as of 13th January 2026
Material Of The Week (Yearly Price Fluctuation)
*Rates as of 13th February 2025 - 13th January 2026
To view the price fluctuations in detail, please download our latest dataset below.
Stonehaven Cost Index (SCI)
Index baseline (01 September 2025) = 100
Current SCI: 105.27 (rising from 104.71 on 06th Jan)
WoW change: ▲ 0.54%
Change from baseline index: ▲ 5.27%
Driver Note
Most construction commodities showed moderate price movements this week, with changes generally contained within ±0.5%, including key materials such as zinc, platinum, CRC, and ULSD. The Stonehaven Cost Index (SCI) rose from 104.71 to 105.27, reflecting a week-on-week increase of 0.54% and a 5.27% change from the baseline.
The upward movement was primarily driven by selective price gains in steel-related inputs and energy-linked materials, which offset minor softening in certain metal commodities and bulk construction inputs. Overall, the week indicates a continued gradual increase in construction cost pressures, although there is still no evidence of broad-based inflationary acceleration across the sector.
Currency & Inflation Lens
AED vs Key Trading Currencies
*Rates as of 13th January 2026
SAR vs Key Trading Currencies
*Rates as of 13th January 2026
Stonehaven Analysis
Movements against major currencies (EUR, GBP, JPY, CNY, AUD, INR and SGD) were minimal and showed no material change from the previous week.
As most construction commodities and specialist imports are USD-denominated, the current foreign exchange environment remains neutral, with no meaningful impact on project costs or imported materials, plant, or logistics.
Overall, currency conditions remain stable and continue to have a negligible influence on construction input pricing for the week.
Global Inputs & Freight Benchmarks
Logistics & Freight – Construction Cost Multipliers
*Rates as of 13th January 2026
Global freight markets showed mixed movements this week. The Baltic Dry Index fell by 9.34% WoW, driven by a 14.66% decline in Capesize rates, while Panamax rose by 2.76%.
The Global Container Freight Index eased marginally by 0.54%, indicating broadly stable containerised shipping conditions.
The drop in Capesize rates offers limited cost relief for bulk imports such as aggregates, steel and cement inputs, while container freight remains broadly steady for MEP equipment and finished materials.
Overall, logistics conditions remain mixed, with a largely neutral, material-dependent impact on construction costs.
Market Forecast & Watchlist
Steel – Mild Uptrend (▲)
Forecast: Near term pricing bias remains mildly upward, supported by steady construction and industrial demand, while supply remains balanced. Bulk freight rate easing provides some cost moderation, but overall steel demand in the Middle East infrastructure and industrial sectors remains firm.
Watchlist: Unexpected production cuts, trade restrictions, import/export policies, and fluctuations in regional construction project activity.
Zinc – Flat (→)
Forecast: Prices are expected to remain stable, reflecting steady industrial and galvanisation demand. Supply constraints are limited, keeping short-term volatility low.
Watchlist: Smelter output, import/export restrictions, and construction project schedules.
Copper – Softening (▼)
Forecast: Prices may ease slightly, driven by moderate industrial demand and stable inventory levels. Cost pressures are limited by sufficient supply.
Watchlist: Refinery output, industrial project execution, and global demand for construction and electrical applications.
Stonehaven Forecast Summary
Commodity markets remain selective and controlled, with no evidence of broad-based construction cost inflation.
Steel is expected to continue a mild upward trend, supported by sustained infrastructure and energy-related demand across the Middle East. Softer bulk freight rates provide limited mitigation, but underlying demand maintains an upward bias. Key risks remain supply-side disruption, trade policy changes, and regional project phasing.
Zinc pricing is forecast to remain broadly stable, supported by steady galvanisation demand and adequate supply. Short-term volatility is expected to be limited.
Copper shows a softening bias due to moderate industrial demand and stable inventories, with near-term pricing sensitive to refinery output and global construction activity.
Commercial Guidance
This week’s movements indicate a broadly stable to moderately balanced cost environment across the GCC. Aluminium recorded the highest increase, titanium the largest decline, while zinc, platinum, CRC and ULSD remained largely stable. Steel continues to rise moderately, supported by infrastructure demand, with easing freight and stable USD-pegged currencies limiting excessive volatility.
Near-term risks are concentrated in nickel and bitumen pricing, project execution schedules, and supply allocation rather than systemic inflation or currency factors.
-
Structural & Carbon Steel Works: Rising steel, HRC and iron ore prices signal moderate escalation for frames, rebar and fabricated packages. Cost risk is now front-loaded into fabrication and reinforcement scopes. Forward pricing, shorter validity periods and phased procurement are recommended.
-
Industrial, Commercial & Infrastructure Projects: Steel- and aluminium-intensive assets remain demand-supported. Apply targeted contingencies to structural steel, stainless steel and aluminium systems rather than blanket escalation.
-
MEP & Specialist Imports: Pricing remains stable to mildly easing. Standard competitive procurement remains appropriate.
-
Procurement Strategy: Selective early purchasing for steel, aluminium and nickel-intensive packages; flexible sourcing for MEP and CRC-based items.
Important Disclaimer
The Stonehaven Cost Index (SCI) is provided for general information only and does not constitute a commitment, guarantee, or offer to contract at any price level. The index is based on publicly available commodity data and internal market assessments as of 13th January 2026.
Actual project costs will depend on project-specific scopes, procurement routes, and commercial negotiations. Stonehaven Project Management Service LLC accepts no liability for any loss arising from reliance on this document without appropriate project-specific advice
Talk To Our Team
Our cost management specialists can help you benchmark, forecast, and protect your project margins using real data from the Stonehaven Cost Index.
