Emirates Steel Arkan has filed a formal complaint against Iran-origin billet imports through local authorities in United Arab Emirates to the Secretariat General of the Gulf Cooperation Council (GSGCC) in Riyadh. The aim is to establish a common GCC strategy for importing semi-finished products, particularly billet from Iran, Kallanish learns.

UAE authorities have initiated correspondence with GSGCC, aiming to protect the local market from low-priced Iranian billet.

"Everyone is free to do business with UAE; however, not at all costs and, for sure, not by dumping material into UAE and destroying the industrial ecosystem,” an informed source tells Kallanish.

"Also, UAE banks have been informed that some banks are unintentionally providing finance to companies to purchase billet from sanctioned Iran. The banks have started an investigation and assigned their inspectors to visit the ports and free zones in UAE,” the source adds.

Kallanish could not immediately confirm the move with GSGCC.