In the Federal Budget presented yesterday, Pakistan government has proposed to reduce the regulatory duty by 6.5%. Duty reduction proposed from 12.5% and 17.5% to 6% and 11% on hot-rolled coils (HRC). These include the products of iron and steel falling under PCT codes 7208 and 7225& 7226 for the fiscal budget announcement of FY20-21 amid ongoing COVID-19 outbreak.
Market sources based in Pakistan shared with SteelMint that, “this reduction in regulatory duty will benefit pipe mills and other HRC customers’ while in case of ISL (International steel limited) and Aisha steel their import is already exempted for HRC.”
Pakistan importers resume HRC bookings, deals reported:
1. International Steel Limited (ISL) has booked 30,000t HRC from Japan at $420/t CFR basis for July shipment.
2. Another deal involving 10,000t of HRC was booked from South Korea’s POSCO at $438/t CFR to be delivered in mid-Aug.
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