Karachi: Due to the ongoing infrastructural development projects in the country initiated under the China Pakistan Economic Corridor (CPEC), a rise in demand for steel products has been registered, reported a news source. According to figures shared by Pakistan Bureau of Statistics, steel products worth USD 3.6 billion were imported during the last 11 months.
The news source believes that development projects lately initiated in various constituencies as well as construction of small dams, road infrastructures and especially the projects that are part of the CPEC are responsible for this increased demand for steel products. This demand has also contributed to a rise in the rates of steel products.
The bureau also revealed that the rise registered in demand is 24% higher than that recorded during the corresponding months of the last year. In these 11 months, Pakistan imported 3.4 million ton of iron and steel products and 4.8 million tons of scrap. Responding to the news, experts have said that if Pakistan had a properly functioning steel mill, the country could have saved USD 700 million.