Bukhari pointed out that in previous ruling the price difference between re-rollable and re-meltable scrap was $100 per ton. PHOTO: REUTERSCustoms authorities have linked the value of steel scrap with the London Metal Bulletin in a bid to avoid confusion at the time of goods clearance at ports. The Customs Valuation, Karachi Directorate-General issued valuation ruling number 1,517 that linked the value of steel scrap with the London Metal Bulletin. According to the notice, this will ensure transparency, fairness and uniformity in the assessment of goods value. The second is LMB system, which shows the value of goods as per the London Metal Bulletin on the date of opening the LC or based on the value declared in LC, whichever is higher.

Source: The Express Tribune March 02, 2021 03:36 UTC