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

Business Recorder reported on November 9 that the Federal Board of Revenue has reset the valuation floor for certain recycled iron and steel inputs sold to registered steel melters. Under the revised rule, the minimum declared supply value is pegged at 60 percent of the steel-bar benchmark, up from 55 percent.

The change was made through SRO. 2086(I)/2026, updating a notification issued on October 15, 2026. It covers remeltable scrap under PCT heading 72.04 supplied by an Export Facilitation Scheme-authorised recycled-copper manufacturer and exporter directly to a registered melter. The benchmark itself uses the Pakistan Bureau of Statistics’ average national retail steel-bar price, with Rs1,500 per metric ton deducted. The adjustment lifts the prescribed minimum by five percentage points for this category.