UAE and Kuwait banned steel imports from Iran in support of Saudi Arabia, which cut its ties with Iran this month. Iran exports 3 million mt per year of steel products, of which 10% are shipped to UAE and Kuwait.  Reza Shahrestani, member of Iran Steel Producers’ Association, said that most of our steel products’ exports are to Iraq and Afghanistan, and the ban by the UAE and Kuwait will not have any impact on overall exports as Iran has negligible exports to both countries, and their substitutes can readily be found. Iran doesn’t export steel products to Saudi Arabia. (Bloomberg)