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Pakistan's non-ferrous metal exports keep the steel industry afloat

Pakistan's non-ferrous metal exports, particularly to China, have become a lifeline for the steel sector in Pakistan. Faced with challenges such as smuggling, false declarations, and weak demand, many steel producers are attempting to sustain the industry by exporting non-ferrous metals like copper.

Pakistan's non-ferrous metal exports keep the steel industry afloat

According to Syed Wajid Bukhari, the General Secretary of the Pakistan Association of Large Steel Producers (PALSP), the increase in non-ferrous metal exports has elevated the sector to become the fifth-largest exporter, with exports valued at $1.35 billion in the fiscal year 2023-24.

However, Bukhari cautioned that continued smuggling could significantly hinder copper exports and jeopardize the existence of these businesses. PALSP has written a letter to Finance Minister Muhammad Aurangzeb, highlighting the dire situation facing the steel sector.

Bukhari mentioned that many steel factories have ceased operations, and those still functioning are operating well below capacity. With the economic crisis causing a slowdown in construction activities, steel demand has plummeted to unprecedented levels.

Exporting non-ferrous metals to China has provided a ray of hope for the steel sector. This export activity is helping manufacturers continue production and maintain their workforce.

However, Bukhari emphasized the urgent need to halt smuggling and provide necessary support to the steel sector. Otherwise, Pakistan's steel industry could face a significant collapse.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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