Saudi Arabia’s Government is considering canceling its steel export ban due to the local mills’ big stock of about 1 million tons.
Saudi Arabia announced the steel export ban in June last year prohibiting the export of various types of steel, in order to increase the domestic market supply and to stabilize domestic building material prices.
The domestic steel industry asked the government to reconsider the steel export ban. Some domestic iron and steel experts advise that there is no reason to prohibit steel exports in the current economic situation.
If the government continues to prohibit steel exports, the domestic steel manufacturers will suffer huge losses. But some domestic contractors were warned that any decision to abolish the export ban will lead to higher costs. Source:Yieh.com