The Founders Group at the Lahore Chamber of Commerce and Industry (LCCI) has urged the government to rationalise steel prices at domestic market in line with the emerging international price trend.
Chairman The Founders, Pervez Hanif, and other members, including Haji Muhammad Asif, Munir Ahmad Khan and Tahir Manzoor Chaudhry, said, "steel prices are witnessing a downward trend in the international market, as China has almost completed it's purchases, therefore, this benefit should be transferred to the local Pakistani industry."
They are of the view that the government should reduce import duty to 10 percent on HR Coil, CR Coil and GP Coils, which are considered as the raw material of a number of industries, like of domestic appliances manufacturing and auto vending.
They said that Finance Minister Shaukat Aziz had reduced duty only from the re-rollable scrap yet this measure has so far failed to produce required results by offering any relief to the domestic industry.
"This duty reduction should have been on all types of steel, which are being consumed by the domestic industry as raw material," they demanded.
They demanded of the government to extend immediate relief to the steel industry so that this industry can survive.