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Cheap imports depress Pakistani HRC market

Friday, 30 March 2012

Some hot rolled coil has recently been brought into Pakistan from Iran disguised as scrap, consequently depressing Pakistani coil prices. Scrap imports have no duty levied on them, while hot rolled coil imports are subject to 10% duty for prime material and 20% duty for secondary material.

HRC of Iranian origin is sold at $850/tonne levels in the Pakistani market, while other sources are offering at $900/t. Secondary HRC imports are offered at $575/t cfr – duty and other costs add a further $325/t on to this price. Pakistani traders inform Platts Steel Business Briefing that illegal imports cause their products to lose value.

Flat product demand in Pakistan is still weak, as electricity shortages continue. The country’s main producer Pakistan Steel is also suffering from a power cut due to unpaid debts, Platts SBB is informed.

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