Sabic to increase steel prices

Riyadh, March 1, 2010

State-controlled Saudi Basic Industries (Sabic) will raise prices of steel rebar and wire rod by SR100 ($26.7) per tonne as of Monday, the company said.

Higher iron ore and scrap metal costs led to the increase, Sabic's vice-chairman for metals Abdul-Aziz bin Al-Humaid said in a statement emailed to Reuters.

This is the first time Sabic has raised steel prices since 2008. Sabic controls the kingdom's biggest steel producer Hadeed. – Reuters

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