MS Rod Prices Drops by 12%

The price of mild steel (MS) rods in Bangladesh has continued to decline, with 60-grade MS rods now priced at Tk 85,000 per tonne, down 12% year-on-year, according to the Trading Corporation of Bangladesh. This drop stems from reduced demand, as public construction projects have stalled since the political upheaval on August 5.

SS Steel Ltd reported a 50% year-on-year profit growth in Q1 of the current financial year, reaching Tk 98.58 lakh. The company's consolidated earnings per share (EPS) rose to Tk 0.03 from Tk 0.02 a year ago. Its shares surged 6.67% to Tk 9.6 on the Dhaka Stock Exchange.

Appollo Ispat Complex, which once thrived with its "Rani Marka Dheutin" brand, disclosed accumulated losses of Tk 7.6 billion for FY19 to FY23 in a filing on November 21, 2024. The company has failed to hold any general meetings over the past five years, and its factory has been shut for more than three years.

Bangladesh's steelmakers have presented a five-point demand to the interim government to alleviate challenges plaguing the industry. At a press briefing on November 18, the Bangladesh Steel Manufacturers Association (BSMA) urged for expedited infrastructure projects to mitigate the economic crisis affecting businesses.

GPH Ispat, a major Bangladeshi steelmaker, achieved a profit of Tk 6.59 crore in the first quarter of the current financial year, recovering from a Tk 16.46 crore loss in the same period last year. The earnings per share (EPS) improved to Tk 0.14 from a loss per share of Tk 0.34, driven by an 82.57% reduction in exchange losses on foreign currency transactions.

BSRM Limited saw a 27% revenue drop to Tk8,352 crore in FY24, down from Tk11,506 crore. However, profit surged 48% to Tk432 crore, with an EPS of Tk14.48. The company announced a 35% cash dividend, and its shares rose 1.36% to Tk82.20.