Pakistan's finished steel imports increase

Pakistan experienced a significant increase in finished steel imports in March 2024.

According to the Pakistan Bureau of Statistics, there was an approximate 80% increase in imported processed steel, 

reaching 258,299 tons compared to the same period last year. This increase is partly attributed to the low base effect resulting from LC opening issues last year. 

Additionally, there was an increase in scrap imports in the first quarter of 2024. The Pakistan Bureau of Statistics reported a 38.6% annual increase in scrap imports, reaching 729,681 tons. In March alone, scrap imports rose from 182,516 tons to 252,982 tons compared to the same period last year. 

These figures reflect a general increasing trend in Pakistan's steel imports. The rise in both steel and scrap imports is associated with local demand and industrial needs. It is believed that these increases in Pakistan's steel and scrap imports could have significant effects on the country's economic and industrial dynamics. However, the increased imports may pose a competitive threat to domestic steel producers. The Pakistani government should take steps to promote domestic steel production and protect jobs in the sector.