Business Recorder has reported that Pakistan’s steel industry has made an urgent appeal to the State Bank of Pakistan to open letters of credit for the import of essential raw materials. Pakistan Association of Large Steel Producers Secretary General Mr Wajid Bukhari said “We are facing a dire situation, and we need the support of the State Bank to help us secure the imports we need to keep our factories running. Every day that we are unable to secure these imports, we are losing ground, and the future of our industry is in serious jeopardy. The price has already crossed PKR 300,000 per tonne (USD 1090) and we request urgent support from SBP to act quickly as mills will be running short on supply within weeks along with the recent wave of devaluation which would result in prices to cross PKR 330,000 per tonne (USD 1200) imminently.” He added “We are calling on the State Bank to take immediate action to support our industry and open letters of credit for the import of raw materials, the spokesperson said. This is an SOS call for the survival of our industry, and we are counting on the State Bank to help us get through this crisis.” Pakistan’s steel industry is on the brink of collapse due to a combination of factors, including the shortage of raw materials, the increase in international scrap prices, and the successive depreciation of the rupee over the last 18 months. According to industry data, steel production in Pakistan has collapsed by a whopping 50%. The steel industry has been hit hard by the inability to source raw materials and the limited availability of these critical components has driven prices to record levels.The shortage of raw materials has been further exacerbated by the lack of trade finance available to the industry.