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Saudi prepares to lift ban on steel export in two months

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 25 May 2009
BAN LIFTED: Saudi plans to lift ban on steel export in next two months on the back of falling prices. (Getty Images)
BAN LIFTED: Saudi plans to lift ban on steel export in next two months on the back of falling prices. (Getty Images)

Saudi Arabia is preparing to lift a ban on exports of steel and scrap metal within one or two months, a leading industry official said on Monday.

"Currently, negotiations for reviewing the ban are taking place on a very high level and hopefully it will be lifted in one to two months time," Tariq Barlas, chief executive of Al Tuwairqi Group, said on the sidelines of a recycling convention.

"Last year in April the government imposed a ban on scrap metals and finished steel products because prices increased from $650 to $1,300 (per tonne).

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"The government wanted to protect local consumers because the price of manufacturing steel is very low in Saudi Arabia," he said at the conference. (Reuters)

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