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MS rod price soaring on costly raw materials, 'illogical' tax

Steel millers say

Star Business Report
Prices of MS (mild steel) rod have shot up by over 165 percent per ton over the past five years due to 'illogical' tax imposition by the government.
The price of MS rod was Tk 13,200 per ton in January 2000 which has gone up to Tk 36,000 per ton during March 2005, according to the statistics of the steel re-rollers.
Leaders of Bangladesh Rerolling Mills Association (BRMA) and Bangladesh Steel Mill Owners Association (BSMOA) at joint a press conference yesterday said they are also compelled to increase prices of MS rod due to higher price of raw materials. Frequent power outage and erratic gas supply to mills have also contributed to the price-hike.
They alleged the sector is pass-
ing through a tough time due to 'illogical tax' imposition on raw materials.
Mill owners said they will be able to reduce prices if the government takes effective measures including withdrawal of taxes on all types of raw materials used in the sector including chemicals.
Mill owners demanded smooth power supply and demanded reduction in electricity tariff.
They also demanded supply of gas at cheaper rates and collateral and interest free loan for import of generators to be used in re-rolling industries.
The leaders admitted that prices of steel and steel products have almost doubled due to huge consumption of steel products by China for its 2008 Olympic preparatory construction. Besides, rebuilding of war-ravaged Iraq and Afghanistan
also acted as price hike factors.
Prices of steel and steel products are in a soaring trend globally. Even the price of MS rod in India, which has a stock of iron ore, is higher in comparison with Bangladesh, they observed.
In response to an inquiry, the leaders said if the government provides necessary incentives, the country's re-rolling industry is capable enough to compete with the Indian Tata Group, which plans to build a steel plant here.
The press conference organised at the Jatiya Press Club was addressed, among others, by BRMA President Ali Hossain and BSMOA President Badiul Alam respectively while Sheikh Masadul Alam Masud, general secretary of the two associations readout the written statement.