Duty on Saudi steel affects the players in the industry

Steel exports to Saudi Arabia from the Gulf Cooperation Council (GCC), especially the UAE, have been heavily impacted since July 1, 2022, when the Kingdom imposed a 15% duty on steel imports.

Steevan D'Souza, Vice President of Reliant International Group a company which produces and exports petrochemical and oil products as well as billet, wire rod and slab, said in a statement; “So far, goods produced by the GCC have been exempted from import duties to Saudi Arabia. But from July 1, Saudi Arabia has imposed a 15% tax on different products, including steel. Since Saudi Arabia is a large market for some steel products, these duties have greatly affected the countries included in the GCC, especially the UAE.