Saudi Arabia is considering lifting partial export bans on cement and steel to relieve oversupply in the local market, economic news website al-Eqtisadiah quoted a customs department official as saying on Sunday.
Saudi government bodies are studying whether to ease restrictions on cement and steel exports after local production doubled, exceeding the storage capacity of the kingdom's largest companies, customs department spokesman Essa al-Essa told Eqtisadiah without giving any timeframe for the decision. Steel stocks have risen above 1.8 million tonnes, causing some factories to cut production by 50 percent and shut some smelters entirely, said the report, citing the chairman of the National Committee for the Steel Industry.