Benchmark bar price: FBR raises minimum value of iron, steel scrap supply to 60pc

ISLAMABAD: The Federal Board of Revenue (FBR) has increased the minimum value of supply of specified remeltable iron and steel scrap from 55 percent to 60 percent of the benchmark value of steel bars, revising the valuation mechanism for supplies to registered steel melters.

Through SRO. 2086(I)/2026, the FBR amended its earlier notification S.R.O. 1829(I)/2026, issued on October 15, 2026, which had introduced the 55 percent valuation benchmark under S.R.O. 2402(I)/2025.

The amendment substitutes the figure “55” with “60” against Serial No. 5 of the relevant table, while also making a consequential amendment to the description in the same entry.

Also read: FBR expands list of iron/steel makers subject to Rs5/unit ST

The revised valuation applies to re-meltable iron and steel scrap falling under PCT heading 72.04, supplied directly by an Export Facilitation Scheme-authorised manufacturer-cum-exporter of recycled copper to a registered steel melter.

The minimum value of supply is linked to the benchmark value of steel bars specified at Serial No. 1 of the original notification, which is based on the average national retail price of steel bars published by the Pakistan Bureau of Statistics (PBS), less Rs1,500 per metric ton.

The latest amendment raises the prescribed benchmark by five percentage points, from 55 percent to 60 percent, for the specified category of scrap supplies.

Copyright Business Recorder, 2026