The New Nation - Internet Edition

Staff Reporter

The Bangladesh Steel Re-rolling Mills (BSRM) in a rejoinder has contradicted a news item published in The New Nation on Wednesday titled 'BSRM blamed for price hike of iron rod.'

The rejoinder, signed by BSRM General Manager Tapan Sengupta, said, "BSRM has less than 6 per cent market share in the country of iron rods and therefore has no power to influence the market. Moreover, BSRM believes in strong ethics and values and will never hoard material to artificially increase prices in connivance with other companies."

BSRM pays the highest income tax in the country.

It does not believe in speculation and only imports raw materials for production and not for stocking, hence whatever stocks are imported, are converted to finished products and sold to customers.

It said BSRM also has never stopped selling its iron rods to customers, sold more than those quantities and are still struggling to meet their delivery commitments. BSRM cannot be blamed for price increase because this is a purely market economics.

The rejoinder said the main reason of the price increase of iron rod are multiple, starting from high international billet and other raw material price, high prices of materials of ship breaking and a vibrant demand in the country, BSRM said.