RIYADH, Feb 28 - State-controlled Saudi Basic Industries <2010.SE> will raise prices of steel rebar and wire rod by 100 riyals 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. (Reporting by Souhail Karam and Ulf Laessing; Editing by Louise Heavens)