Steel rates seen falling on cut in import trade price

KARACHI: Imported steel prices are likely to go down by Rs2,500 to Rs4,000 per tons after the Custom authorities have agreed to reduce the import trade price, steel merchants’ representative said.

The Directorate General of Customs Valuation, last week, had unilaterally raised the import trade price commonly known as ITP by substantial margin. However, after a marathon between the customs officials and members of Steel Merchant Association it was decided to cut the ITP by 18 to 24 percent on different qualities of steel. It was decided to reduce the ITP on hot rolled coils by 19.3 percent to $505 per ton from earlier slab of $626 per ton. While ITP on cold rolled coils and galvanized steel was cut by 20.5 percent to $542 per ton and 24 percent to $590 per ton respectively.

BoP scam co-accused agrees to pay Rs400m

ISLAMABAD: The Supreme Court on Wednesday ordered a co-accused in the Rs9 billion Bank of Punjab financial scam to pay back Rs400 million by Dec 11.

A bench comprising Chief Justice Iftikhar Mohammad Chaudhry, Justice Mian Shakirullah Jan and Justice Tariq Parvez also directed the National Accountability Bureau to place the name of Seth Nisar, who was present in the court, on the Exit Control List and keep his passport with it till the payment of the amount claimed against him.

Seth Nisar is elder brother of Sheikh Afzal, owner of Haris Steel Industries (HSI), Lahore, and the main accused in the BoP scam.