Rod prices soar by 30pc in a month

BACI seeks govt intervention

Staff Correspondent

9 January, 2021 12:00 AM printer

Bangladesh Association of Construction Industry (BACI) on Friday sought government intervention to contain rising price of steel rod to protect their business from loss. 

While speaking at a press conference at Sagar-Runi Conference Hall of Dhaka Reporters Unity, BACI president Khorshed said, “Prices of steel rod soared by 25-30 percent in the local market in the last one month. The unusual price hike of the construction material badly impacted the construction industry in the country.”

In November last year, the price of rod was Tk50,000 per tonne but its current price is Tk68,000. Now the expenditure of construction work will go up as it is the main construction material, he said.

BACI demanded price adjustment and restructure of duty and value added tax for the construction material.

He termed the unusual price hike illogical blaming a vested group which is trying to destabilize the market.

“The businessmen dealing with steel industries told us that shortage of scarps necessary for manufacturing rod is the reason behind increasing price hike in the local markets,” he also said.

“It is incredible that sudden shortage of scraps can lead to 30 percent hike of the construction material, though the price did not increase in the international market,” BACI president said.

Around six million people involved in the industry may lose bread and butter,

if the continuous price hike is not brought under control, he said.

Former BACI President Munir Uddin Ahmed and Director (Admin) Hasan Mahmud Babu, among others, attended the press conference.