The price of mild steel (MS) rod grade 60 has slightly decreased due to reduced demand caused by the monsoon rains affecting construction and infrastructure development works. The Trading Corporation of Bangladesh reported that each tonne was retailing at Tk 99,500, down from Tk 101,500 four months ago when the construction sector faced challenges due to frequent price hikes. The slowdown in development activities during the rainy season led manufacturers to lower prices. There is potential for further price reductions as the cost of scrap iron, a raw material for steel production, has also decreased in the international market. However, manufacturers are unable to import low-priced scrap iron due to restrictions on opening letters of credit (LCs). Prices are expected to continue declining throughout the rainy season, with demand reducing by at least 30% until October 2023.
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