Steel prices on upward curve

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.

In the last one year, the price of steel has up gone by 38 per cent in Bangladesh, which will push up the construction cost of bridges, culverts, flyovers and homes, according to industry people.

The retail price of 60-grade MS (mild-steel) stood at Tk 75,700 per tonne yesterday, up from Tk 73,000 two months ago and Tk 55,000 last year, data from state-run Trading Corporation of Bangladesh showed.

The price of scrap metals, which are used to produce steel products, has increased in the international market due to the constrained supply globally after production declined in Japan and European countries due to the coronavirus pandemic.