SABIC cuts domestic rebar steel price

Updated 03 September 2015

SABIC cuts domestic rebar steel price

JEDDAH: Saudi Basic Industries Corp. 2010.SE said it had cut its domestic retail price for rebar steel by SR200 per ton, 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, but before the cut, the price of rebar in Riyadh was 2,200 riyals per ton, implying the cut was about 10 percent, an industry source said. Rebar, or reinforcing steel, is commonly used in construction.
Global steel prices are at their lowest levels in about a decade, according to an index compiled by London-based consultancy CRU. Saudi Iron and Steel Co. (Hadeed), SABIC’s metals affiliate, is the largest steel producer in the kingdom.
Al-Humaid told Reuters last year that Hadeed planned to add 4 million tons of annual steel output capacity to reach 10 million tons by 2025.
But earlier this year, SABIC’s then-chief executive Mohamed Al-Mady said falling steel prices meant SABIC would “think twice” about proposals for two new domestic steel plants in Rabigh and Jubail that were expected to cost $4.26 billion.

Electric luxury vehicles, SUVs ‘more likely to cause accidents’

Updated 21 min 42 sec ago

Electric luxury vehicles, SUVs ‘more likely to cause accidents’

  • As EV sales rise, French insurer AXA warns that drivers are struggling to adapt to cars’ rapid acceleration

LONDON: Electric luxury cars and sport utility vehicles (SUVs) may be 40 percent more likely to cause accidents than their standard engine counterparts, possibly because drivers are still getting used to their quick acceleration, French insurer AXA said.

The numbers, based on initial trends from claims data and not statistically significant, also suggest small and micro electric cars are slightly less likely to cause accidents than their combustion engine counterparts, AXA said at a crash test demonstration on Thursday.

AXA regularly carries out crash tests for vehicles. This year’s tests, which took place at a disused airport, focused on electric cars.

Overall accident rates for electric vehicles are about the same as for regular cars, according to liability insurance claims data for “7,000 year risks” — on 1,000 autos on the road for seven years — said Bettina Zahnd, head of accident research and prevention at AXA Switzerland.

“We saw that in the micro and small-car classes slightly fewer accidents are caused by electric autos. If you look at the luxury and SUV classes, however, we see 40 percent more accidents with electric vehicles,” Zahnd said.

“We, of course, have thought about what causes this and acceleration is certainly a topic.”

Electric cars accelerate not only quickly, but also equally strongly no matter how high the revolutions per minute, which means drivers can find themselves going faster than they intended.


Accident rates among luxury and SUV electric vehicles are 40 percent higher than for their combustion engine counterparts.

Half of electric car drivers in a survey this year by AXA had to adjust their driving to reflect the new acceleration and braking characteristics.

“Maximum acceleration is available immediately, while it takes a moment for internal combustion engines with even strong horsepower to reach maximum acceleration. That places new demands on drivers,” Zahnd said.

Sales of electric cars are on the rise as charging infrastructure improves and prices come down.

Electric vehicles accounted for less than 1 percent of cars on the road in Switzerland and Germany last year, but made up 1.8 percent of Swiss new car sales, or 6.6 percent including hybrids, AXA said.

Accidents with electric cars are just about as dangerous for people inside as with standard vehicles, AXA said. The cars are subject to the same tests and have the same passive safety features such as airbags and seatbelts.

But another AXA survey showed most people do not know how to react if they come across an electric vehicle crash scene.

While most factors are the same — securing the scene, alerting rescue teams and providing first aid — it said helpers should also try to ensure the electric motor is turned off. This is particularly important because unlike an internal combustion engine the motor makes no noise. In serious crashes, electric autos’ high-voltage power plants automatically shut down, AXA noted, but damaged batteries can catch fire up to 48 hours after a crash, making it more difficult to deal with the aftermath of
an accident.

For one head-on crash test on Thursday, AXA teams removed an electric car’s batteries to reduce the risk of them catching fire, which could create intense heat and toxic fumes.

Zahnd said that studies in Europe had not replicated US findings that silent electric vehicles are as much as two-thirds more likely to cause accidents with pedestrians or cyclists.

She said the jury was still out on how crash data would affect the cost of insuring electric versus standard vehicles, noting this always reflected factors around both driver and car.

“If I look around Switzerland, there are lots of insurers that even give discounts for electric autos because one would like to promote electric cars,” she said.