The Pakistani government planned to raise regulatory tariffs on many imports, including steel, in an effort to stem the rupee's slide against the dollar.

The Pakistani government has prepared a draft revised plan to reduce imports by nearly US$1 billion a month through a combination of tariff and non-tariff measures. The plan needs to be approved by Pakistan's newly elected prime minister.

The plan to increase the regulatory tariff on cold-rolled coils to 10% from the current 5% will ultimately benefit domestic producers and reduce the import burden.