By Mohammed Idries
Riyadh-Mubasher: The decision to impose 15% protection fees on imported steel has not yet been approved, said Shuail Al-Ayed, chairman of the National Committee for Steel Industry at the Council of Saudi Chambers.
He added that the decision will be discussed in the next meeting of the GCC ministers of commerce and industry.
Al-Ayed told Mubasher that the rebar export is not allowed currently, pending the government's approval.
"Not imposing the protection fees makes it easy to sell the imported steel at lower prices, and thus the competition will be unfair and the domestic industry will incur huge losses," the official said.
He added that the current fees reach 5% compared to 15% in some GCC countries and more than 30% in other states around the world.
The factories' higher inventories pressure local steel prices, Al-Ayed said, noting that if the export is allowed, it will reduce inventories and raise production.
Translated by Abdul Maguid Aboshahla
