The Saudi Arabian government is considering the cancellation in the near future of its ban on steel exports as domestic mills' inventories are now standing at about 1 million mt and as domestic market prices are very low.
According to local Saudi sources, the country's ministry of commerce and industry has received the approval of the council of ministers following its request to allow the resumption of steel exports after the ban which has now been in place for 11 months.
In June 2008 Saudi Arabia announced the steel export ban forbidding the export of scrap and finished steel products, in order to increase the domestic market supply and to stabilize domestic prices which had increased from $650/mt to $1,300/mt.