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Saudi SABIC Hikes Steel Prices Up to 30 Pct-Paper - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Saudi Basic Industries Corp (SABIC), the kingdom largest steel maker, has raised prices by almost 30 percent, a newspaper reported on Tuesday.

The increase, apparently in the price of rebar, came at a time of surging demand and supply bottlenecks.

SABIC raised prices by 26.9-29.6 percent to between 3,850-4,255 riyals ($1,027-1,135) per tonne depending on specifications, al-Madina newspaper reported, without disclosing the source of the information.

“SABIC started distributing the new price list among retailers on Monday,” it said.

State-controlled SABIC’s steel subsidiary Hadeed has a production capacity of about 5.5 million tonnes according to Arab Steel Web site.

Mutlaq al-Morished, SABIC’s chief financial officer, could not immediately comment on the report when contacted by Reuters.

In February, SABIC cut prices of reinforcing steel by 4.8 percent to 2,980 riyals per tonne, but kept the price of steel bars unchanged, traders have said.

Saudi steel producers have a combined annual capacity of 8.43 million tonnes. Other steel producers in the kingdom include Rajhi Steel and al-Tuwairqi Group.

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Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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