October 08, 2008

SABIC hikes steel prices by up to 30%

Al Madina reported that Saudi Basic Industries Corporation has raised its prices by up to 29.6% amid a surge in demand and supply bottlenecks.

SABIC's steel subsidiary Hadeed has a production capacity of about 5.5 million tonnes. It raised prices by 26.9% to 29.6% to between SAR 3,850 and SAR 4,255 per tonne depending on measurements.

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.