MEIS 2019: Steel demand in Saudi Arabia will rebound gradually to 12mln tonnes by 2030 - Sabic Hadeed

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.
"We expect a slow recovery of demand and in 10 years from now, in 2030, we expect to have similar demand to what we had in 2012 [when it was 11.7 million tonnes]," Ahmed Al-Hussain, Sabic Hadeed's senior manager of long products commercial marketing, said.

"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...

Another 'Bubble Check' for the gold sector

Gold stocks continue to hit new highs

Some mining stocks exposed to Burkina Faso take major hit

Gold stocks again hit new highs

Gold stocks reach new highs on metal price gain