Long steel product prices in the Cooperation Council for the Arab States of the Gulf (GCC) are likely to remain under pressure in the short term, with production outstripping demand, Abdulaziz Abdul Razaq Hashim of Qatar Steel said at the IREPAS conference Tuesday.

Hashim also alluded to lower priced Chinese steel and stronger exports, given weak iron ore prices, as a depressing factor.

The Ukrainian crisis, which has to some extent affected billet supply, and uncertainty over scrap prices also are clouding the market outlook, he added.

Longer term GCC longs consumption is likely to rise by more than three times the global average, given the region's 3% population growth, the area's increased exposure as a travel destination and healthy government spending, he said.

Future projects, such as Expo 2020 and the FIFA world cup 2022, are driving steel demand, he said.

Imports are expected to fall on infrastructure investment related to these projects.

The market share of Turkish billet imported into the region for re-rolling has fallen sharply since 2013, with China expected to control 95% of this marketplace this year, Hashim added.

This has been a depressing factor for Turkish mills, given that the region is one of their primary export markets.