Steel and re rolling millers demanded the government reduce bank interest rates and set a ceiling on the dollar exchange rate against the local currency.

The millers said the abnormal devaluation of the taka against the greenback and higher bank interest rates have already affected the prices of two basic construction materials steel and rod n the local market.

Moreover, the scarcity of dollars in the banking sector and the price hike of gas and power have affected the cost of production at the factory level.

As a result, the price of rod reached BDT 70,000 per tonne to BDT 72,000 per tonne from BDT 60,000 per tonne to BDT 62,000 per tonne a month ago, the millers told reporters after a meeting with Commerce Minister GM Quader at his secretariat office.

Mr SK Masadul Alam Masud chairman of Bangladesh Auto Re Rolling and Steel Mills Association said that “If the rod and steel prices go up further, the implementation of the government's annual development program will slow down, which might affect the whole economy.”

In a statement, Quader said he would continue to support the sector so that the demand for rod and steel could be met from local production.

(Sourced from www.thedailystar.net)