Rising metal prices in int’l market hitting local industry. Construction, other industries and exports feeling the pinch. Import duties on metal should be waived.


(December 16, 2020)

Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said rising metal prices in the international market is hitting construction and other industries therefore all duties on import of metals should be waived.

Taxes and duties on steel, iron, copper and aluminium should be waived to support the construction package which was introduced to support economic activities.

Mian Zahid Hussain said that pandemic has increased prices of iron, steel, copper, brass, aluminium, rubber and many other things hitting manufacturing of iron and steel, electronics, refrigerators, air conditioners, auto parts, cables, wires, pipes, tyres and tubes, fans and motors and rubber parts etc.

Talking to the business community, the veteran business leader said that the price of steel bars has increased by Rs6000 per tonne in a week while the price of wires and cables as well as aluminium is also rising constantly damaging construction activities.

He said that the price of bricks have also been increased to 30 percent in some parts of the country which must be noticed as it discourages construction.

The price of raw material needed for the export industry has also jumped threatening commitments of the exporters who have signed long-term contacts with western importers.

The revival of economic activities in China may not permit a reduction in prices of important metals in the international market therefore the government should avoid increasing prices of energy and reverse the recent increase in the tariff of electricity, he demanded.