Blaming a syndicate behind the spiralling of mild steel (MS) rod prices, an apex body of construction industry entrepreneurs expressed concerns over it and also urged the government to intervene to curb the rising prices.
Finding no reason for such abnormal prices hike of the key construction material, Bangladesh Association of Construction Industry (BACI) also said the pace of various development projects is getting interrupted due to such cause.
The association made the allegation at a press conference at Dhaka Reporters Unity on Friday.
Speaking at the media briefing, BACI President engineer SM Khorshed Alam said the price of MS rod increased by 25 to 30 per cent from November to December last year.
The sudden abnormal hike of prices proves that a syndicate is behind such cause, he alleged.
Quoting the MS rod manufacturers, Mr Alam said they are arguing that there was not enough scrap in the international market due to low production of billets, resulting into the increase of prices in the international market during the Covid-19 situation.
Due to that reason, steel manufacturing companies continues to raise prices of MS rod, he points out.
“However, a significant amount of billets are produced in the country and also imported from abroad. At present there are enough MS rod manufacturers in the country to meet the demand”, Mr Alam said.
There is no shortage of supply and no additional or new tariff has been imposed officially. So, the increase in the price of rods due to the increase in the price of billets or scrap seems very unusual, he insists.
The increase in prices of MS rod has to be brought to a reasonable level, Mr Khorshed said.
Leaders of the association, among others, were present at the press conference.
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