Saudi Basic Industries Corp said on Thursday it had cut its domestic retail price for rebar steel by 200 riyals ($53.3) per tonne, effective from the start of this month.

A company statement quoted Abdulaziz Sulaiman al-Humaid, SABIC's executive vice-president for its metals strategic business unit, as saying the reduction would contribute to the stability of the domestic market, as indicators pointed to rising demand for steel now and in the future.

The reduction also keeps pace with developments in regional and global markets, he added. The statement did not specify a level for SABIC's new rebar price.

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