Pakistan’s iron and steel imports were at 220,787mt in February, down by 10pc from a year ago and by 22pc from January amid subdued demand.
Slower-than-expected growth in auto demand and low consumption by downstream steel industry impacted imports. Prices for HRC remained high on bullish global demand. Chinese HRC offers to Pakistani buyers range from $700-730/mt fob China.
In Jan-Feb period, iron and steel imports rose by 26pc to 503,572mt from 400,190mt in the prior year period on increased imports in the month of January.
The improvement in auto sales supported by easy finance is expects to boost iron and steel imports in the coming month. In February, Pakistan’s auto production and sales grew by 13pc from the prior year.