Saudi Basic Industries Corporation (Sabic), the Gulf's largest steel maker, said on Saturday it will cut reinforcing bar (rebar) prices, a third cut since September amid signs of slowing demand.

Sabic, whose subsidiary Hadeed is the kingdom's largest steel maker, said in a statement on the bourse website that prices will be reduced on Sunday by SR1,245 ($332) per tonne, which is the largest cut of its kind in years.

Sabic did not give details on the current level of its prices, but said it has slashed prices by 43 per cent since September. Company officials could not be immediately reached for comment.-Reuters