Saudi SABIC to Increase Steel Prices

State-controlled Saudi Basic Industries (SABIC) will raise prices of steel rebar and wire rod by US$26.7 per ton, 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. – Trade Arabia