Business February 21, 2021 KARACHI: Pakistan imported $2.1 billion worth of iron, steel and scrap during the first seven months of the current fiscal year, depicting 18 percent year on year growth mainly due to fast recovery in demand after lifting of lockdown, analysts said. The country imported $1.8 billion of iron, steel and scraps during the corresponding period a year earlier, according to the Pakistan Bureau of Statistics. Analyst Ahmed Rauf at Sherman Securities said restrictions on movement between February and June 2020 due to COVID-19 led to sharp declines in steel and scrap inventories of local manufacturers. “Subsequently, after the lifting of restrictions, scrap and steel imports rose in 3QCY20 as steel producers looked to increase their inventories. Moreover, government’s initiative to increase construction sector activity also increased demand for steel in the country,” Rauf said. Tahir Abbas, director Research at Arif Habib agreed that construction activities following opening of the economy pushed the steel imports in the country.