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
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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