Steel News

We strive to let you one step ahead of the market.

Pakistan's foreign reserves crisis spreads

3 Feb 2023 14:39 reported by Ranny Fang

A A A
The foreign exchange reserves crisis of the State Bank of Pakistan has restricted banks from issuing letters of credit, causing the country's steel industry to face a difficult situation, with many steel mills closing down and many layoffs.

Not only that, but the Pakistani rupee (PKR) has lost 35 rupees to 267.9 rupees to the US dollar in just one week. In addition, inflation has risen to a 48-year high.

The International Monetary Fund (IMF) delegation is currently visiting Pakistan for urgent negotiations. As the currency's value shrinks, domestic steel prices rise to an unprecedented high. A few steel mills have announced the suspension of rebar sales and bookings due to an unprecedented shortage of raw materials and the inability to issue letters of credit.

Back to Steel News

Related News

India's steel demand grows strongly, may reach 190 million tons by 2030

  • Industry activities
  • 28 Nov 2023 15:05

SSAB cuts costs at Raahe plant without reducing workforce

  • Industry activities
  • 28 Nov 2023 14:50

Danieli updates voestalpine’s slab caster at Linz plant

  • Industry activities
  • 28 Nov 2023 14:13

Egypt’s steel exports grow in Jan-Sep y-o-y

  • Industry activities
  • 28 Nov 2023 14:10

Gonvarri Solar Steel, Iberdrola, ArcelorMittal’s collaboration on photovoltaic project in Portugal

  • Industry activities
  • 28 Nov 2023 14:10

Metal Price Index

Learn more

LME Official Bid Price

  • Zinc
  • 2,529.00
  • 2,533.00
  • Aluminum
  • 2,164.00
  • 2,208.00
  • Copper
  • 8,277.00
  • 8,383.00
  • Nickel
  • 16,450.00
  • 16,625.00

Learn more

Coil Exchange Center

  • 2B Coil-Dec
  • 2,540
  • 2,400
  • NO1 Coil-Dec
  • 2,510
  • 2,370
  • 2B Coil-Dec
  • 2,540
  • 2,400
  • NO1 Coil-Dec
  • 2,510
  • 2,370

Learn more