Saudi Basic Industries Corp. (SABIC), the kingdom largest steel maker, has raised its prices by up to 29.6 per cent, Al Madina newspaper reported on Tuesday amid a surge in demand and supply bottlenecks.
State-controlled SABIC's steel subsidiary Hadeed has a production capacity of about 5.5 million tonnes according to Arab Steel website.
It raised prices by 26.9-29.6 per cent to between 3,850 to 4,255 riyals per tonne depending on measurements, Al Madina said without saying how it obtained the information.
"SABIC started distributing the new price list among retailers on Monday," it said.
Mutlaq Al Morished, SABIC's Chief Financial Officer, could not immediately comment on the report., when contacted by Reuters on Tuesday.
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.
Shares of SABIC were up 1.11 per cent at 0829 GMT. (Reuters)
SABIC hikes steel prices up to 30%