Shael Al-Ayed, Chairman of the National Committee of Steel Companies, called on the Ministry of Commerce and Industry to take urgent measures to protect the national industry by imposing protection duties on imported steel and expediting the approval of exports, which was previously submitted to the Highness several months ago, and noted the need to facilitate the procedures related to customs exemptions for raw materials that enter the steel industry.

<Al-Ayed denied what was recently reported in some newspapers about the rates of decline in steel prices, describing the sources as inaccurate, noting that the body authorized to authorize steel companies is the National Committee of Steel Companies, adding that the prices of reinforcing steel in the Kingdom are currently stable at their prices between 2000 and 2100 riyals per ton. He added that he does not expect any decrease currently, but prices will remain hostage between supply and demand, regional and global prices, in addition to the prices of raw materials for the iron industry. The head of the National Committee of Steel Companies pointed out that the price of national reinforcing steel did not fall below the level of 2000 riyals at all, while the price of smooth steel coils sold directly to the consumer was 1725 riyals per ton and fell to the levels of 1625 riyals as of the beginning of October and the percentage of decline is about 100 riyals.

It is worth noting that imported steel in the Saudi market is available at a rate of more than 15% of the volume of the Saudi market and at lower prices than Saudi steel, which in turn raises the local inventory of steel companies, which negatively affects the activity of local companies and the national economy.