The New Nation - Internet Edition

ECONOMIC REPORTER

Steel and re-rolling millers have demanded removal of duty anomalies on import of raw materials and finished products to protect the domestic mills. Identical 7 per cent duty on the import of raw materials and finished products as proposed in the new budget will adversely affect the MS rod manufacturers resulting in ultimate closer of their mills, said the mill owners at a press conference on Wednesday.

Leaders of Bangladesh Steel Mill Owners Association (BSMOA) and Bangladesh Re-rolling Mills Association (BRMA) jointly held the press conference at Dhaka Reporters Unity.

They hailed budgetary measures reducing the duty on import of raw materials for steel and re-rolling mills. This will help reduce the MS rod price in the market. "But the rising price trend of raw materials in the international market may off-set the salutary measure," cautioned BRMA general secretary Sheikh Masadul Alam Masud.

The association leaders termed the steel market as volatile that witnessed sharp rise in MS rod price during the last seven months.

The 60 grade MS rod is now selling at Tk 72,000 and 40 grade Tk 65,000 per ton. The leaders of both BSMOA and BRMA demanded an equal duty on import of melting scrap and ship scrap.

They said in the new budget, the import duty of melting scrap set at Tk 1,500 while the import duty on ship scrap remained at Tk 1,000 per ton. "This is another discrimination that will distort the fair competition," said BSMOA secretary general Bashirullah.