Pakistan ferrous scrap imports increased by 14pc to 435,458mt in January. From the preceding month, imports decreased by 8pc, according to the Pakistan Bureau of Statistics’ data.
Ahead of new year holidays Pakistan mills actively bought ferrous scrap before yards shut for winters and the year-end holidays. The government’s new housing scheme aided steel demand recovery which supported imports.
In January, steel demand remained below sellers’ expectations. Mills were forced to offer discounts on rebar to boost sales. With finished steel prices under pressure, most steelmakers were not keen on imports.
Imports, however, improved compared to January 2020 aided by additional budget earmarked for infrastructure in the year to help the economy recover from the COVID-19 pandemic. A reduction in import duty also helped imports to rise.