Sluggish steel demand amid monsoons has softened imported scrap offers in Pakistan. Construction activity is down and, as a result, demand for rebar is slow, meaning mills are curtailing production. The recently agreed International Monetary Fund (IMF) loan for Pakistan has so far been unable to revive the steel market, sources tell Kallanish.
Meanwhile, the issuance of letters of credit continues to lag after the conclusion of the IMF pact. Banks claim that altho…
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