The Pakistan government’s decision to remove the country’s steel industry from the Federal Excise Duty (FED) regime will be counterproductive for the sector, believes the Pakistan Association of Large Steel Producers (PALSP).
On Thursday, the association urged Pakistan’s government to hold discussions with the stakeholders before passing a verdict. Association members state the move will adversely affect the steel sector and the economy.
The decision will invoke unfair competition and interrupt the level-playing field inside the steel sector which has now started gaining foot after struggling in 2019-2020.
Meanwhile, steel bar makers raised asking prices by Rs5000/mt to Rs150,500-151,500/mt to keep up with the surge in international scrap prices.