The Pakistan Bureau of Statistics has reported a substantial YoY decrease of 38pct in scrap imports, with a total of 126,194 tons imported in May 2023.
Pakistan had imported 203,474 tons of scrap in May 2022, highlighting the significant drop in recent figures.
However, there has been a recovery in scrap imports, with a substantial 45 pct increase from the record low observed in April.
Despite this recovery, the first five months of this year have seen a drastic decline in scrap imports in Pakistan, with a YoY decrease of 53pct to 717,605 tons.
The country’s steel sector heavily relies on imported scrap as a raw material, but it has been severely impacted by restrictions in the issuance of LCs and weak construction activity due to ongoing economic challenges.
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