Seasonal leather traders in Bangladesh say they are facing heavy losses as cow hides sell for 50 to 700 Taka, about 41 cents to $5.70, at Rajarhat, the largest leather market in the southwest.
Traders said prices do not cover the cost of buying hides, salting them and paying laborers. Some said they borrowed money and are now in debt.
“I brought 80 pieces and cannot sell any leather. There are no buyers here because of the syndicate,” one trader said.
Traders accused wholesalers and tannery owners of suppressing prices below the government-fixed rate of 57 to 62 Taka, about 46 to 51 cents, per square foot. Wholesalers denied wrongdoing, saying good leather receives the fixed rate and damaged hides fetch less.