Karachi: Association of Builders and Developers of Pakistan (ABAD) Chairman Altaf Tai demanded the government to reverse the Regulatory Duty (RD) and Additional Regulatory Duty (ARD) imposed on the import of steel scrap in a bid to support the construction industry, according to news published in the leading newspaper on March 2.
In a press conference, the chairman shared that when the prices of steel scraps were low in the international market, the association accepted the duties imposed by the government. Now, the government should abolish the duties in order to provide relief to the construction sector.
Optimus Research Steel Sector Analyst Mehroz Khan stated that the reduction in the said duties on imported steel scraps will have a positive impact on the cost of long steel producers and it will translate in the rebar prices. It was mentioned that the steel manufacturers have formed a cartel to keep the prices high, despite the low price of raw materials in the international market.
Moreover, ABAD Patron-in-Chief Mohsin Sheikhani shared that ABAD’s boycott of steel purchases forced the steel manufacturers to bring down the price of the steel. He added that approximately, 25 million people are connected with the construction industry and due to the soaring construction material prices, 350 projects are halted. To revive the industry, the government must reverse the duties.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
