Pakistan's scrap imports increased by 16% y-o-y

Pakistan's scrap and steel imports showed opposite trends in July, according to the latest data from the Pakistan Federal Bureau of Statistics (PFBS). The country imported around 211,000 tons of scrap during July, down by 3.7% compared to June. This figure is 16% higher than the volume imported in July of the previous year, indicating a long-term upward trend in scrap demand.

In value terms, Pakistan's scrap imports were worth around USD 96 million in July, a slight decrease of 2.6% from the previous month. Despite this decline, the annual value increased by 9%.

Meanwhile, imports of steel products rose by a significant 20% m-o-m to around 241,000 tons. However, this volume was 8.6% lower compared to the same period last year, indicating possible changes in the local steel market or construction activity. The value of imports of these steel products amounted to USD 163 million, down by 7% compared to June, but up by 10% compared to July 2023.

These fluctuations in import volume and value are attributed to a variety of factors, including changes in global supply chains, demand fluctuations in Pakistan's construction and manufacturing sectors, or exchange rates affecting import costs. The contrasting trends between scrap and steel imports may be reflected in pricing in the coming months.