PALSP asks SBP to take urgent action to open LCs

Pakistan Association of Large Steel Producers (PALSP) said, Opening of LCs to address the severe shortage of rebars in the domestic market, situation has reached a critical level.

imports for the first seven months of FY23 down by 40% from the same period last year In January 2023, only 220,000 metric tons of scrap were imported, the lowest January import since the last 5 years

Read also

Chinese, Bahraini and Pakistan Credit Rating agencies join hands

Imports showed a sharp decline of 50% compared to January 2020. The shipbreaking industry, which accounts for 15% of all local raw material scrap, is operating at only 5%.

steel industry can only operate at 30% capacity utilization levels, and the situation is expected to worsen in the coming months