Pakistan's scrap imports witnessed a significant upswing in August, reaching a total of 210,575 tons, marking a substantial 16.2 percent increase compared to the previous month, according to data released by the Pakistan Federal Bureau of Statistics . However, this figure represented a 22.4 percent decrease when compared to August of the previous year.
The total value of these scrap imports in August amounted to $97.4 million, reflecting a notable 10.8 percent monthly increase but still marking a substantial 37.4 percent drop in comparison to the same period last year.
Meanwhile, Pakistan's iron and steel sector exhibited impressive growth in August, with imports soaring to 231,750 tons. This remarkable surge reflects a robust 44.9 percent year-on-year increase and a substantial 44.6 percent spike compared to the preceding month.
In terms of value, Pakistan's imports of iron and steel in August reached a significant $161.63 million, demonstrating a noteworthy 9.6 percent year-on-year increase and a commendable 9.2 percent month-on-month growth.
These statistics underscore the Pakistan's import , with scrap imports seeing a sharp monthly rise, while the iron and steel sector continue to show resilience and expansion, both in terms of volume and value. Experts speculate that this trend may be indicative of broader economic developments.