Saudi Arabia plans to regulate steel exports: Report

Saudi Arabia’s ministry of commerce is planning to further regulate exports of steel products, according to a report published by Asharq Al-Awsat newspaper.

The ministry said it's aiming to supply the local market’s demand and stabilize prices before issuing additional export licenses, a source familiar with the matter said.

The decision, however, is not supported by industry specialists. 

Shuail Al-Aiyad, chairman of the steel industry’s council of chambers, said the kingdom needs to boost its steel exports so that the sector doesn’t incur heavy losses due to an oversupply of products.

He added that local producers have already slashed their output due to an abundance of steel imports.

The ministry of trade and industry recently asked local producers to provide evidence of dumping in the local market, according to data available on Argaam.