Pakistan's Ministry of Industries and Production (MOIP) has revealed to the local Pakistani media that the government is considering an increase of 10-15 percent in the import duty on steel products, including cold rolled steel, hot rolled steel and galvanized steel products, in order to protect the national steel industry from the dumping of external products at low prices.
Following a request made by Pakistan Steel Mills, the MOIP has proposed the above-mentioned measure and plans to implement it after approval has been received from the Economic Coordination Committee. Import duty on coils in Pakistan currently stands at around 10 percent.
Since the start of the global financial crisis, Pakistan steel enterprises have suffered great losses due to the continuous downturn in domestic sales and the constant drop in prices of international steel products.