Import restrictions have driven hot rolled coil prices to reach historic levels, with prices exceeding $1000 per metric ton, according to a report in Pakistani media. It remains to be seen how the industry will respond to this change, but it is expected to help boost the sector's growth and development.
Cash margins were viewed as a tool to discourage imports, and their removal could increase steel imports, particularly of steel coils. This decision is expected to have a positive effect on the steel industry in Pakistan, as it will make steel imports easier and more accessible for importers. However, some flat products were still subject to cash margins, which the source suggests could help importers of HRC if implemented. This requirement has been removed, which is expected to help steel importers in Pakistan.
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Previously, steel coils and some other products falling under specific HS code headings were included under the 100% CMR list, which had discouraged imports. This decision is effective from 31 March and is a condition of the International Monetary Fund before it can reach a staff-level agreement with Pakistan. State Bank of Pakistan Removes CMR for Steel Coils In a path breaking move, the State Bank of Pakistan has removed all Cash Margin Requirements on steel coil imports, a move that will remove a significant barrier to the import of these products.
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