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Morocco Launches Investigation Into Iron Market Glut

Image via Reuters
Image via Reuters
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Morocco Launches Investigation Into Iron Market Glut

Image via Reuters
Image via Reuters

The Moroccan Ministry of Industry, Investment, Trade, and Digital Economy has launched an investigation into a glut of iron and steel sheets in the market. The investigation is expected to take up to nine months extendable to one year.

This came as a response to a complaint by Maghreb Steel and feedback issued by the import control committee in this regard during its latest meeting on May 22.

The ministry said that Moroccan imports of relevant products rose 31 percent during 2017-2018 and increased 54 percent between 2014-2018. It attributed this rise to updated conditions including the increased global productivity of steel and iron products, the intensity of commercial war and the countries seeking refuge in protective procedures.

Maghreb Steel underwent huge damage due to the rise of imports coinciding with the drop of sales, product, and the company’s share in the market, as well as its exports’ volume – the statement of the ministry, added that Maghreb Steel’s situation is threatened to worsen in the near future.

The ministry also addressed companies concerned in Maghreb Steel's complaint with questionnaires. It determined July 4 as a deadline for relevant parties to express their points of view and pass their written remarks.

Iron and steel sheets are of great significance to Morocco within the expansion in the automobiles sector – high hopes are pinned on this sector to rescue Maghreb Steel from its crisis and keep it distant it from having the fate of other iron products' companies.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
TT
TT

Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.