Rising metal prices in int’l market hitting local industry

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KARACHI, Dec 16 (Online): 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.

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