Pakistani government reduces import tariff on scrap

Pakistani government reduces import tariff on scrap

Pakistani government has recently announced that it determined to reduce import tariff on rollable and re-meltable scrap in order to reduce steel prices in the country, which have increased by 10-15% within a two-week period due to the strong demand and lack of availability in domestic market. Finance Division has decided to reduce import tariff on rollable scrap from $430 per ton to $330 per ton and the import tariff on re-meltable scrap from $400 per ton to $300 per ton. The decision is stated to be taken to reduce steel prices, which are currently at around Rupees 45'000 per ton ($749), to the level of Rupees 38'000 per ton ($632). Moreover, the government has also decided to import 100'000 tons of billets in order to balance demand and supply. It is stated that the reduction in import tariff on scrap and import of 100'000 tons of billets will help reduce steel prices to around Rupees 38'000 per ton level.