Pakistan allows import of re-rollable scrap and warns producers

Pakistan allows import of re-rollable scrap and warns producers

Pakistan government, to ease current steel crisis in the country, announced that it decided to allow import of re-rollable scrap. Moreover, it also warned steel producers in the country to start imports immediately. Authorities from steel industry in Pakistan asked the government to eliminate 5% duty on imports of iron ore and coking coal and to reduce of the current 20% duty on imports of billets and coils. As a part of its plans to help domestic steel industry, the government determined to reduce import duties on iron ore and coking coal. The measures are taken to solve shortage of steel product problem and to bring the prices down. As there is no restriction on import of billets by Pakistan Steel, government felt to need to warn primarily Pakistan Steel to start imports immediately. However, that the measures of the government have not been in effect yet puts steel producers in the country into difficulty.