Zawya Dow Jones reported that Saudi Arabia's decision to ban steel exports will affect local manufactures, who may record a surplus of as much as 20 million tonnes.
Mr Abdurrahman Al Rashid member of the board of the kingdom's Supreme Economic Council said that "The ban doesn't comply with some of the World Trade Organization's rules as there is demand for these Saudi products from some foreign markets."
Mr Rashid, who also heads the kingdom's Eastern Province Chamber of Commerce & Industry, said that "If Qatar reduces or halts its steel exports to Saudi Arabia due to its expected construction boom, the impact on the local steel market is likely to be minimal."
Mr Rashid, who estimates Saudi annual steel production at 5 million tonnes to 6 million tonnes, ruled out that new steel plants will be set up in the kingdom in the near future as the market has become saturated.