Steel rebar prices have once again started rising due to an increase in electricity tariff and raw material prices in the international market. Global scrap prices were set to spike with growth in demand for ferrous scrap in China to 12 million tons a year, he added. According to the Pakistan Bureau of Statistics, imports of iron and steel scrap by Pakistan rose 13.5% in 2020 as compared to the previous year with annual iron and steel scrap imports rising to 4.57 million tons from 4.02 million tons. The industry had long been pleading for a cut in the 1.5% turnover tax on the steel industry to 0.25% to provide it with a breathing space, said Bukhari. “The steel industry operates on thin margins.

Source: The Express Tribune February 23, 2021 03:43 UTC