Pakistan government takes certain measures to reduce steel prices
Pakistan government determined to take certain measures about surging steel prices to help steel and related industries in the country. Accordingly, the government determined to reduce customs duty on imports of re-rollable scrap from 25% to 10%. The reduction in the duty is expected to reduce the price of raw material. Moreover, government decided to lift the withholding tax of 3% on import of ships for scrapping and withholding tax of 6% on imports of raw materials and intermediary products. As previously reported by SteelOrbis, due to steel crisis in the country, Pakistan government decided to allow imports of re-rollable scrap and warned producers in the country to begin imports immediately.