Steel prices in Bangladesh soared as miners increased prices after scrap metals fluctuated continuously in the international market due to increased demand and limited supply.
In the past year, the price of steel in Bangladesh has increased by 38%, which will increase the construction costs of bridges, culverts, overpasses and houses, according to industry people.
According to data from the state-run Bangladesh Trading Company, the retail price of 60 grade MS (mild steel) rose to Tk 75,700 per tonne yesterday from Tk 73,000* two months ago and Tk 55,000 last year.
Scrap metal prices used in the production of steel products rose in the international market due to the limited supply around the world after production decreased in Japan and European countries due to the coronavirus pandemic.
At the same time, demand increased after economies started to work in full swing in line with the easing of coronavirus restrictions, driving up the price of scrap steel in most markets.
Tapan Sengupta, deputy general manager of Bangladesh's largest steelmaker BSRM, said: "The impact of rising scrap prices around the world is being felt in the Bangladeshi domestic market." said.
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