The Daily Star cited Mr Feroz Ahmed commerce Secretary of Bangladesh as saying that the government is going to formulate a long term policy for the steel products with a view to keeping the market stable.

Mr Masadul Alam Masud general secretary of the Bangladesh Rerolling Mills Association, who attended the meeting, confirmed about the government move to formulate such a policy.

Mr Masud said the local market of steel fluctuates due to the absence of a long term policy and sudden government intervention is not adequate to smoothen business as the market of the item changes in accordance with the international market. He said that “So we need a market-driven policy involving all the stakeholders for a stable market.”

Mr Masud said that “However, we will submit our fresh opinions very soon to the commerce ministry, although we had also submitted such opinions earlier. He suggested that the government should have a strong monitoring mechanism to control the market. He added that 40 grade rod was selling at BDT 65,000 to BDT 68,000 per tonne while the rate of 60 grade rod was BDT 72,000 to BDT 73,000 recently at retail level.”

Mr Alihossain Akberali chairman & MD of BSRM said at first the government should focus on supply of gas and power to the factories because this industry is energy dependent. Praising Lauding the government's decision on opening up the import of scrap vessels for all, he said such policy will help cut any price manipulation through monopolizing the market. He opined that a long term policy was needed at least two years ago for the sector.

Mr Tanveerul Haque Probal president of Real Estate and Housing Association of Bangladesh when asked said their opinions with regard to the long term policies for steel and re rolling business will be submitted within a week. He said the real estate sector is the worst-affected sector for the frequent fluctuation of steel and rod price both in the local and international markets.