Steel prices set to rise in Bangladesh: analysts

Despite stable global steel raw material prices, Bangladesh will face higher import costs due to the US dollar rate hike since the introduction of the crawling peg system. The country’s steel sector relies heavily on scrap steel imports, meeting 90% of its annual 6 million tonne demand through imports. Industry experts at the Bangladesh International Trade Summit 2024 highlighted the potential impact of supply chain disruptions and growing demand on scrap steel availability and costs for Bangladeshi millers, despite the country’s favorable geographic location.