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Traders smell profit as salt price drops

Rokon Uddin
19 Jun 2024 23:22:37 | Update: 19 Jun 2024 23:22:37
Traders smell profit as salt price drops
— File Photo

The price of salt used to preserve animal rawhide has decreased by Tk 4 per kg following a significant increase in production and supply, leaving traders with hope to increase rawhide storage and secure good profits as storage costs have also reduced.

According to Bangladesh Small and Cottage Industries Corporation (BSCIC), the country produced a record 2.437 million tonnes of salt in FY2023-24 — the highest in the last 63 years.

The amount is also 2,00,000 tonnes higher than the amount produced last year.

According to the wholesale traders, salt for preserving the hides of sacrificial animals during this Eid-ul-Azha was sold at Tk 14 per kg. 

It was more than Tk 18 last year.

According to BSCIC data, the salt price decreased by Tk 2 per kg before Eid. It later dropped by Tk 2 more.

Aftab Khan, the president of the Bangladesh Hide and Skin Merchant Association (BHSMA), told The Business Post that there was no problem in the salt market this year as the price dropped and supply was more than adequate.

He said they also expect that rawhide storage will increase as the price has come down.

According to the BHSMA, each large hide of cattle needs 10-12 kg of salt to process, medium skin 7-8 kg and small skin 5-6 kg. According to that, the initial demand for salt for rawhide preservation and processing this year was 1,00,000 tonnes.