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| TITLE |
Saudi grants steel export licenses |
| WRITER |
administrator |
DATE |
2009-07-09 10:11:47 |
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Saudi grants steel export licenses
08 Jul 2009
A Saudi ministry of trade and industry spokesman said that local steel manufacturers in Saudi Arabia have received licenses to export the metal after a ban was lifted this month. But a ban on exporting scrap metals remained in place because the ministry believed local demand was still unfulfilled.
Trader said that Saudi Arabia, the largest Arab economy imposed a ban on steel exports last year to protect local consumers in the kingdom as domestic prices of the metal soared from USD 650 to USD 1,300 per tonne in July of 2008.
The ministry spokesman said that "The ministry has lifted the ban on steel because we want to support local companies and if the demands of the local market are met there is no harm in exporting the remaining amounts."
Mr Khaled Suleiman an undersecretary in the Ministry of Trade and Industry said that Saudi steel companies would target Iraq, Jordan, Syria and the Gulf. There's still demand there.
According to industry association Arab Steel, Saudi Arabia, one of the largest steel producers in the region has the capacity to manufacture 8.4 million tonnes per year.
The spokesman said that as one of the conditions of lifting the ban, the ministry had stipulated that local exporters maintain strategic reserve levels of at least 10% of a plant's total production in order to avoid domestic shortages. He said that the prices of the steel sold locally also has to be within reasonable levels and will be monitored by the ministry.
Mr Hisham al-Hamili GM of Steel Products Sales & Marketing at the Saudi Basic Industries Corporation said that Saudi Arabia's steel demand this year is expected to fall to 5.1 million tonnes from 7.2 million in 2008.
Resource from Reuters |
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