Sabic Hadeed expects local steel consumption to increase gradually over the next 10 years thanks to stronger demand from the private sector and not only via government spending or the oil sector, the state-owned Saudi Arabian steel producer said at Fastmarkets' Middle East Iron and Steel conference in Dubai last week.
Consumption of steel including rebar, wire rod and flat products, in Saudi Arabia will rise in 2020 to 8.5 million tonnes from an estimated 8.4 million tonnes in 2019, Khaled Al-Qahtani, specialist in long products commercial marketing at Sabic Hadeed, citing the country's Ministry of Finance."Previous market demand was related to government spending but, according to Vision 2030 and our outlook for the next 10 years, demand is supposed to come from private sector, not reliant on oil or government...