In a noteworthy development for Pakistan's industrial landscape, the country has experienced a significant uptick in scrap imports during the month of October. This surge is not only apparent when compared to the previous month but also stands out in comparison to the same period last year.
Based on recent trade data, the month-on-month (m-o-m) comparison for October highlights a significant uptick in the volume of scrap imports, reaching approximately 238,000 tons. This substantial increase signals a positive trend in the country's inclination towards recyclable materials, with the figure reflecting a notable 19% surge compared to the previous month.
Furthermore, when comparing the figures to October of the preceding year, the year-on-year (y-o-y) analysis underscores the substantial growth in Pakistan's scrap import activities, registering a significant 22.4% increase from the corresponding month twelve months ago.
Despite the impressive rise in volume, the import value of scrap during this period was approximately US$108 million. While this indicates a robust month-on-month increase of 17.7%, it also reflects a year-on-year drop of 8.5%. Analysts attribute this decline to the low steel demand in the domestic market and the fluctuations in the exchange rate during the specified period.