3rd MENA Billet & Steelmaking Raw Materials Conference

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Contrary to the expectations, the payment recently released from the Saudi Arabian government to construction companies had little impact on the segment, market players report. As a result, steel demand has not shown any signs of recovery yet. The upcoming payment in December, however, is forecast to have a positive effect on the steel industry.

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Despite oversupply in GCC and numerous delays in the project schedule Moon Iron & Steel Company (MISCO) will commence rebar production in 2018 aiming to substitute rebar imports in the region.

The new EAF steel complex being built in Sohar Industrial Estate will be capable of producing 1.2 million tpy of billet and 1.1 million tpy of 8-40 mm rebar, according to equipment supplier SMS Group. At the end of summer MISCO awarded a $230 million contract to the UAE's Shriram EPC FZE for the construction of the new mini-mill infrastructure, Metal Expert reported earlier.

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Saudi Arabia's Al-Qaryan Steel has entered the billet market despite overcapacity and weak demand in the finished products segment.

The new plant commissioned a 300,000 tpy meltshop for merchant billets in Dammam on October 25. Even though demand for semis in the Kingdom is low at the moment due to unfavourable situation in the longs segment the company has some benefits such as scrap availability as Al-Qaryan Steel is a subsidiary of a scrap recycling and trading company Al-Qaryan Group.