According to data released by the Pakistan Federal Bureau of Statistics (PFBS), Pakistan's ferrous scrap imports increased significantly to 250,734 metric tons in May 2024. This was up 36.1% compared to April and 50.1% compared to the same period last year.
The value of ferrous scrap imports increased by 36.5% on a monthly basis to $113.34 million in May. On an annual basis, this increase was recorded as 66.1%.
In the same period, Pakistan's iron and steel imports also showed a notable rise. In May, the country's iron and steel imports increased by 67.6% yoy to 302,412 metric tons. On a monthly basis, there was an increase of 28.5%.
The value of iron and steel imports rose 46.7% year-on-year to $207.10 million. On a monthly basis, there was an increase of 8.3%.
This data shows that the import growth in Pakistan's iron and steel sector continues in a wide-ranging manner. These significant increases in the country's scrap and iron and steel imports reflect the dynamics of domestic demand and industrial production as well as the impact of global market conditions.
Comments
No comment yet.