Print Edition - 2018-01-09 | MONEY
Raw materials imports soar on building boom
Jan 9, 2018-
Imports of raw materials required for the production of steel bars have soared in the first five months of the fiscal year on swelling demand for building materials with post-earthquake reconstruction and other construction works gathering pace.
Imports of HR sheets through Sirsiya Dry Port in Birgunj jumped 117 percent to 78 million kg valued at Rs4.21 billion during the period mid-July to mid-December. Likewise, imports of MS billets grew 5.4 percent to Rs156.7 million during the same period.
According to information officer Dhan Bahadur Baruwal of the Customs Office, consumers appear to be going increasingly for domestically produced bars and rods, leading to a drop in imports of semi-prepared rods and bars from India.
The first five months of the current fiscal year also saw a rise in the import of other raw materials such as pig iron and steel wire rods. Shipments of pig iron surged 26.73 percent while steel wire rods rose a modest 0.62 percent.
Meanwhile, imports of semi-prepared rods and bars, steel sheets and steel wire rod coils all dropped. Imports of semi-prepared rods and bars plunged 85.11 percent while imports of steel sheets fell 66.28 percent.
Imports of semi-prepared rods and bars were valued at Rs1.48 million while imports
of steel sheets were worth Rs19.3 million.
The decline in imports of semi-prepared bars has been attributed to an increase in domestic production. Steel bars are a key building material necessary for the construction of buildings, bridges, roads, drains and culverts.
Published: 09-01-2018 08:32