Pakistan Association of Large Steel Producers has raised alarms over the resumption of large-scale smuggling, mis-declaration & under invoicing of steel from the region.  In an SOS letter to finance minister, PALSP urged that smuggling, mis-declaration and under-invoicing are destroying the local steel industry, which is being perpetrated in most organized manner.    Our steel industry is fighting for sheer survival due to massive PKR depreciation, highest financial costs, highest power rates coupled with significant increase in input costs. As a result, many steel mills have shut down their operations and the remaining are working at a small fraction of their capacities and many more are on the verge of closure.       PALSP is the leading Association working for the revival of the local steel industry by engaging government as well as leading players of local steel industry. The steel melting industry is the back-bone of steel industry which is facing multiple challenges. To find an alternative to survive in these difficult times, key players of long steel industry are diversifying into exports of non-ferrous products (copper ingots) to China, and this segment emerged as the 5th largest exporting sector with exports touching $1.350 billion in 2023-24. One of the members of the PALSP is the largest exporter of copper and many more are pursuing similar targets. PALSP stated that approximately 500,000 MT of steel was being smuggled  annually to Pakistan, which is approx. 10 percent of the total steel being produced in the country.    Due to menace of steel smuggling, the local steel industry in Quetta and other parts of Balochistan has been wiped out. (ICE ISLAMABAD)

Fonte notizia: business recorder