Bangladesh steel prices projected to rise

Although steel raw material prices have remained stable globally, Bangladesh may face higher import costs due to the recent increase in the US dollar exchange rate, experts said. 

According to industry experts, Bangladesh's steel industry requires around six million tons of scrap annually, 90% of which is met through imports and the remaining 10% from the local market. Industry experts said there is a shortage in scrap supply due to increasing demand.

An official from Tata International in India said that India imports 70 million tons of scrap annually to meet its national demand of around 90 million tons. He also said that there may be a global increase in scrap prices, but he was optimistic that Bangladesh would not face a shortage of raw materials despite global increases given its geographical location.