Demand for steel in top oil exporter Saudi Arabia is expected to rise this year by 8 percent with consumption nearing 6.4 million tonnes, Saudi Arabian Basic Industries (SABIC) said.

Saudi Arabian authorities in 2008 imposed restrictions on exports of
steel and scrap metal due to tight supply in the domestic market.

SABIC, which controls the kingdom’s biggest steel producer Hadeed, said
on its website that total production capacity at local plants run at
full tilt is about 7.3 million tonnes.

The firm is moving ahead with plans to raise annual capacity of long
steel products to 4 million tonnes by mid 2012, from 3.2 million tonnes
currently, it added.

Saudi Arabia’s domestic steel production capacity will rise by at least
50 percent by 2012, a senior government official told Reuters in
December.

SABIC, the world’s biggest bulk chemicals firm by market accounts for
about half of domestic production capacity with Hadeed.

The state controlled company said last month it will raise prices of
steel rebar and wire rod by $26.7 per tonne due to higher iron ore and
scrap metal costs.

Source: Reuters

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