Saudi issues 31 export licenses to steel, cement producers in 2017

Saudi Arabia’s Ministry of Commerce and Investment issued export licenses to 23 steel companies and nine cement producers, Al-Madinah newspaper reported.

Steel firms have exported 4.4 million tons in 2017, while cement companies exported around 995,000 tons, data issued by the ministry showed.

Exporting Saudi steel and cement was attributed to the increase in inventory that led to abundant supply in the local market, the commerce ministry said.

A ministerial committee in July has halted steel export fees for two years and cut cement export fees to 50 percent, in order to encourage local producers and promote competiveness.