The steel industry in Bangladesh is currently witnessing a steep drop in sales as the depreciation of taka against US dollar has hiked production costs at a time when consumers are unwilling to pay higher prices for the key construction material.
The price of steel in Bangladesh has jumped 3.34 per cent within a span of just one week, with manufacturers citing it as a ripple effect of rising global demand for scrap and a recent hike of local fuel prices.
Most of the listed rod and cement producers in Bangladesh posted higher profits in the July to September period riding on higher sales as economic activities picked up thanks to the improving coronavirus situation.
Steel prices in Bangladesh have been on an upward curve as millers hiked the rates in the wake of continuous spiralling of scrap metals in the international market owing to a pickup in demand and constrained supplies.