Gabtoli traders fear losses as cattle prices fall sharply before Eid

With Eid-ul-Adha just around the corner, cattle traders are worried about returning home with unsold animals as supply has exceeded demand in the capital's largest cattle market at Gabtoli.

Although the market was packed with cattle during a visit from 1pm to 4:30pm today, traders complained that the number of buyers remained lower than expected, causing prices to fall sharply.

Buyers, however, appeared relieved as prices became more affordable in the final hours before Eid.

A trader from Meherpur, who brought 24 cattle to the market three days ago, said five animals still remained unsold.

"I sold the earlier large cows for around Tk3 lakh each, which helped balance my costs. But now buyers are not even offering Tk2 lakh for the remaining ones. I am worried whether I will be able to sell them," he told The Business Standard.

The trader said he had hoped to return home before Eid to be with his family. "I do not think I will come to Gabtoli market again."

Photo: Jahir Rayhan

Another trader, Mohammad Billal, who arrived yesterday with nine cattle, said buyers were offering only Tk1,30,000 for a cow he expected to sell for Tk2,00,000.

"The cow weighs around five and a half maunds. If prices remain this low, I may take the animals back to the farm. Transport, market rent and labour costs together could cause a loss of nearly Tk2,00,000," he said.

Echoing similar concerns, Nurul Islam, who bought three cattle from Manikganj for resale at Gabtoli, said, "I bought one cow for Tk1,15,000, but buyers are offering only Tk1,00,000. There are plenty of cattle in the market, but buyers are few."

Traders and workers at the market said cattle prices started falling sharply since this morning.

Abdul Matin, a labourer who loads cattle onto trucks, said a cow that sold for Tk3,00,000 a day earlier was being sold today for around Tk1,70,000.

Inside the market, some frustrated traders were seen standing near the entrance gate with individual cattle in hopes of attracting buyers more quickly.

Despite the concerns of traders, buyers appeared satisfied.

Nihal Hossain, who came from Keraniganj, bought a cow for Tk2,10,000 around 4pm. Smiling after making the payment, he told TBS that cattle prices seemed "reasonable" this year.

One seller, however, said he sold a cow at a loss of Tk13,000 just to avoid the extra expense of taking it back home.

Anowarul Islam, who has been trading cattle for the last three years, believes many Dhaka residents have returned to their village homes for Eid this year, reducing the number of buyers in the capital's markets.