{"id":92030,"date":"2023-02-06T12:56:09","date_gmt":"2023-02-06T07:56:09","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=92030"},"modified":"2023-02-06T12:56:11","modified_gmt":"2023-02-06T07:56:11","slug":"steel-industry-sbp-lcs-issues","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/steel-industry-sbp-lcs-issues.html","title":{"rendered":"Steel industry urges SBP to resolve LCs issues to prevent collapse"},"content":{"rendered":"\n<p>Islamabad: The steel industry has requested the State Bank of Pakistan (SBP) to open letters of credit (LCs) for the import of essential raw materials, according to news published on February 6.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/steel-shortage-coming-arif-habib-ltd.html\" target=\"_blank\" rel=\"noreferrer noopener\">Country-wide steel shortage likely in coming days: Arif Habib Ltd<\/a><\/p>\n\n\n\n<p>The news source mentioned that the industry is on the brink of collapse owing to several factors including; an increase in the price of international scrap, a shortage of raw materials, and successive depreciation of the rupee in the last 18 months.<\/p>\n\n\n\n<p>According to a statement released by the Pakistan Association of Large Steel Producers (PALSP), the steel industry is a crucial sector for the country\u2019s economy, which employs more than 200,000 people. The unavailability of raw materials and the collapse of trade finance limits have caused severe production disruptions and have put the industry in a jeopardy.<\/p>\n\n\n\n<p>PALSP Secretary General Wajid Bukhari stated that the <a href=\"https:\/\/www.zameen.com\/news\/steel-prices-increased-scrap-material-hike.html\" target=\"_blank\" rel=\"noreferrer noopener\">steel producers<\/a> are facing a dire situation and require the support of SBP to acquire imports for keeping the factories running.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/domestic-steel-prices-5th-hike-30-days.html\" target=\"_blank\" rel=\"noreferrer noopener\">Domestic steel prices see 5th hike in 30 days<\/a><\/p>\n\n\n\n<p>As per the statistics, steel production in Pakistan has collapsed by 50%. The news source disclosed that in the second quarter of the current fiscal year (Q2-FY23), the scrap imports were 616,000 metric tons in comparison to the same period last year, which stood at 1,235,000 metric tons. The PALSP has requested the SBP to help the industry from collapsing, even if they have to limit the ability of raw materials to 50% of last year\u2019s volumes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The steel industry has requested the State Bank of Pakistan (SBP) to open letters of credit (LCs) for the import of essential raw materials, according to news published on February 6. Read: Country-wide steel shortage likely in coming days: Arif Habib Ltd The news source mentioned that the industry is on the brink of collapse owing to several factors including; an increase in the price of international scrap, a shortage of raw materials, and successive depreciation of the rupee in the last 18 months. According to a statement released by the Pakistan Association of Large Steel Producers (PALSP), the steel industry is a crucial sector for the country\u2019s economy, which employs more than 200,000 people. The unavailability of raw materials and the collapse of trade finance limits have caused severe production disruptions and have put the industry in a jeopardy. PALSP Secretary General Wajid Bukhari stated that the steel producers are facing a dire situation and require the support of SBP to acquire imports for keeping the factories running. Read: Domestic steel prices see 5th hike in 30 days As per the statistics, steel production in Pakistan has collapsed by 50%. The news source disclosed that in the second&hellip;<\/p>\n","protected":false},"author":83,"featured_media":63768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15012,15013,15017],"tags":[45104,56215],"persona":[],"class_list":{"0":"post-92030","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-allied-industries","8":"category-construction","9":"category-notices-announcements","10":"tag-steel-industry","11":"tag-steel-industry-urges-sbp-to-resolve-lcs-issues-to-prevent-collapse","12":"cat-15012-id","13":"cat-15013-id","14":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Steel industry urges SBP to resolve LCs issues- Zameen News<\/title>\n<meta name=\"description\" content=\"The steel industry has requested the State Bank of Pakistan (SBP) to open letters of credit (LCs) for the import of essential raw materials..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/steel-industry-sbp-lcs-issues.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steel industry urges SBP to resolve LCs issues- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The steel industry has requested the State Bank of Pakistan (SBP) to open letters of credit (LCs) for the import of essential raw materials..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/steel-industry-sbp-lcs-issues.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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